# Early Morning Analysis for 3.23

A week's worth of market movements passed in the blink of an eye. This week the market experienced significant ups and downs, with a pattern of surging highs followed by sharp pullbacks being particularly pronounced. I wonder how many times everyone managed to capitalize on this major price action? Bitcoin's performance this week was especially dramatic, surging to a high of 75998, then declining all the way down, hitting a low of 68030, with a weekly decline of nearly 8000 points—the volatility amplitude was extremely large. Ethereum also weakened in tandem, reaching a weekly high of 2385 and exploring lows near 2047, with a decline of 330 points.

Selection matters more than effort; following the right trend is more important than blindly working hard.

From the daily chart perspective, Bitcoin's attempt to break through the 76000 level was unsuccessful, with significant resistance overhead. Price declined from the upper Bollinger Band all the way down to near the middle band, with bearish momentum remaining very strong. It ultimately broke below the middle band support, and is now oscillating between the middle and lower bands, with an overall weak bias. Looking at the 4-hour chart, price has been oscillating back and forth between the lower and middle bands, with multiple attempts to rebound to the middle band, but none sustained for long, indicating weak support strength from bulls at the middle band. Currently having broken below the lower band, rebound strength is minimal, with bears in control. For evening trading, the operational approach is to follow the trend and look bearish.

Bitcoin 69300-70800 area, Target 68000-67200 area