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3.23 Monday Morning Bitcoin Latest Thoughts - Follow the Downtrend in Bearish Market
A brand new week, a fresh start. Wishing everyone good luck!
During the weekend, although market volatility has slowed, it has provided certain opportunities. Those who seized short-term long and short positions achieved double gains. With yesterday's continuous shaking and downward movement, the bearish momentum has shown strong resilience again, with prices dropping to the 673 area at their lowest, currently consolidating around 680.
On the four-hour chart, the Bollinger Bands are expanding downward while the downtrend channel remains solid, with moving averages and indicators all in bearish alignment. On the hourly chart, after Bitcoin's short-term rally faced resistance at 710 and subsequently declined with continuous bearish candles, the short-term situation clearly displays a bearish pattern. Currently, no signs of rebound are visible across all timeframes, so we should simply follow the downtrend.
Early morning Bitcoin guidance: Consider shorting around 683 and 688, targeting the 665-650 range below.