Crypto Circle Mr. Coin: 3.8 Bitcoin (BTC)) Market Analysis Reference - Bitcoin Daily Chart Indicates a Correction Trend. The intraday low has approached the 67,000 level. On the 4-hour chart, after breaking below the 70,000 level, the price dipped to the 67,000 area, forming a clear downward channel. On March 6 at 20:00, a volume-driven long bearish candle broke through the key support at 68,500, accelerating the decline. The daily chart shows a "three consecutive bearish candles" pattern, with a cumulative drop of over 5,000 points from March 5 to 7. Although a doji appeared at the low on March 8, the price remains below the 5-day moving average.

From a technical perspective, the 4-hour MACD's DIF and DEA continue to diverge below the zero line (latest values -565/-143). The daily MACD histogram has shrunk to 1256 but remains negative. The moving average system indicates a standard bearish trend, with prices suppressed by the 7/30/120-period moving averages (67,717/68,830/68,837). The 4-hour EMA60 (68,335) has turned into a short-term resistance. The price is operating below the middle band of the Bollinger Bands, showing some rebound but lacking a breakout above resistance, indicating a relatively weak trend. The Bollinger Bands are opening downward, and as time progresses, the upper resistance is moving lower. If the price cannot break above 68,500 in the short term, there is a possibility of a pullback support. Crypto friends should prepare in advance.

Our short-term strategy remains cautious, mainly focusing on rebounds and short positions. 3.8 Bitcoin short-term reference: range between 68,500-69,500, with a support at 72,500, stop loss at 500 points, targeting below 67,500, with a range of 66,300-65,300, aiming for above 67,500, with a stop loss of 500.