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3.19 Thursday Morning BTC Latest Analysis: Downtrend Not Yet Complete, Slight Rebound Then Continue Shorting
Yesterday was a feast for the bears, another sharp decline opened up additional downside space, declining all the way from 74600 to 70400. Our persistence finally paid off, with BTC currently consolidating around 71300.
Currently, the daily chart shows a large bearish candle close, with consecutive bearish candles pulling back to confirm the 76000 resistance top signal. Moving averages and all indicators point to the bears, showing signs of further continuation. On the 4-hour chart, a string of bearish candles declining, with consecutive solid volume expansion, we've now broken through the lower band. The short-term structure has weakened again, meaning a bearish trend has formed—follow the trend accordingly.
In the morning, reference 71500 and 72000 levels for shorting, with targets around the 70000-68000 zone. $BTC