📣 Bitcoin surges and then pulls back, waiting for further increases this evening!

This morning, after the market opened, the price reached a high of 87,500. This spike in price is not a good sign because such spike increases after the market opens can generally be determined as the intraday high. This may likely lead to a downward close on Thursday when it should have been an upward close, indicating that the intraday price may further decline, so in the evening we can buy low!

【Analysis of Bitcoin Price Trend on a Four-Hour Basis】

Candlestick Pattern:

Recently, the price has fluctuated in the range of 85,000 to 87,000, forming a consolidation pattern. The daily chart shows a long bullish candle on March 19, breaking through previous highs but then retracing.

Technical Indicators:

MACD: The MACD in the 4-hour cycle is in the positive zone, with a significant gap between the fast and slow lines, indicating that there is still upward momentum in the short term, but divergence risks need to be monitored.

RSI: The RSI14 in the 4-hour cycle is close to the overbought zone (69.12), which may create retracement pressure.

EMA: EMA7 has crossed above EMA30 and EMA120, indicating a bullish short-term trend; however, the current price is close to EMA7, so we need to pay attention to support levels.

Trading Volume:

On March 20, trading volume decreased, entering a contraction phase after several days of increasing volume. The daily chart shows a significant increase in volume on March 19, accompanied by a price rise, indicating that capital inflow is driving the market.

Bitcoin steady return strategy for the evening of March 20:

It is recommended to enter long positions around 84,000-84,500, with target points: 85,500-86,300!

Continue to add to long positions around 83,300 on a trend pullback, with target points unchanged!

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