3.20 Evening Thoughts

In today's morning session, Bitcoin soared sharply, strongly breaking through and briefly touching around 87500. However, this good situation did not last long, as the key price level of 87500 failed to provide solid support for Bitcoin's continued upward movement. After a brief pause, it quickly turned downward, initiating a pressure-induced decline, reaching a low near 85400.

The movement of Bitcoin closely followed that of Ethereum. Initially, it surged strongly, reaching the 2070 line, showcasing its strength. But it also could not withstand the market's pullback pressure, gradually declining to around 2010.

A deep analysis of Bitcoin's four-hour chart reveals that the upper Bollinger Band resembles an insurmountable barrier, tightly restricting further upward breakthrough space. The short-term upward path for Bitcoin is fraught with difficulties and limited space. From the perspective of the MACD indicator, the growth rate of the histogram is increasingly slowing down, showing a lack of momentum, which is strong evidence of the gradual weakening of bullish energy.

Suggestions:

- Bitcoin: Consider a short position around 86300, targeting near 84500.

- Ethereum: Consider a short position around 2030, targeting near 1950.