Bitcoin surged to 71989 but faced selling pressure and pulled back. Price has been running below the upper Bollinger Band, with bullish momentum clearly weakening.
MA7 and MA30 are both turning downward, price failed to break through the middle band after multiple bounces, short-term trend is bearish.
Considering volume and market sentiment, the early morning action is likely to continue the weakness. Operationally, it is recommended to focus on shorting. Watch resistance at 71800-71900 above, and support at 71300-71000 below.
Trade Suggestion: Short 72200-72700, target 70200-70500.
3.16 Morning Analysis
Bitcoin surged to 71989 but faced selling pressure and pulled back. Price has been running below the upper Bollinger Band, with bullish momentum clearly weakening.
MA7 and MA30 are both turning downward, price failed to break through the middle band after multiple bounces, short-term trend is bearish.
Considering volume and market sentiment, the early morning action is likely to continue the weakness. Operationally, it is recommended to focus on shorting. Watch resistance at 71800-71900 above, and support at 71300-71000 below.
Trade Suggestion: Short 72200-72700, target 70200-70500.