March 18th Bitcoin Morning Thoughts
Yesterday, Bitcoin exhibited extreme volatility, with both bulls and bears engaging in fierce competition. During the early session, it rapidly surged, reaching a high of 85,136, only to face a sharp pullback and quickly retrace, briefly falling below the 82,000 mark, hitting a low of 81,925. After that, sentiment gradually stabilized, beginning to rise slowly, and by early this morning, it had rebounded to around 84,400.
1. Moving Average System: Currently trending along the short-term moving averages (such as the 5-day and 10-day moving averages), indicating that bullish forces are in control.
2. Bollinger Bands Indicator: Currently situated near the upper band, indicating a relatively strong state, but caution is needed regarding upper band pressure.
3. Short-term Trend: From a technical perspective, the short-term trend for Bitcoin has gradually tilted towards bullish, with market sentiment leaning towards optimism.
Based on the current trend and technical analysis, the following trading strategies are recommended:
1. Entry Points: Look for buying opportunities in the 83,500-82,000 range, as this area has recently served as a support zone, providing favorable conditions.
2. Targets: The first target should focus on the 85,000-84,500 range, as this area is near yesterday's high and presents some technical resistance.
3. Stop Loss: It is advisable to set a stop loss below the 81,500 level to manage potential downside risk.
