March 19 Midday Bitcoin Analysis:
Yesterday's market was generally a consolidation, with US stocks opening lower in the evening and the Nasdaq Golden Dragon Index also declining. Bitcoin followed suit and dropped by around 600 points, and the overall downward trend has not changed. If there is a positive signal regarding interest rate cuts at 2 AM tonight, there may be a turnaround.
From the four-hour analysis, the 83500 level is a critical watershed for the four-hour cycle. As long as this price level does not break, the market still tends to lean towards a bearish pattern, and operations should be approached with a bearish mindset. The 81000 level below is a key resistance level. Attention should be paid to the breakout situation of these two resistance levels.
It is recommended to short around 83200-83500, with a stop loss of 600 points, aiming towards 81000-79000.
