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Tuesday 3.24, BTC price is currently around 704-706. After yesterday's rally to 717 and pullback to a low of 701, the market is currently consolidating during the day session.
On the daily timeframe, there have been 3 consecutive days of bullish candles with long upper wicks. Selling pressure at 720 is extremely strong, making it a formidable resistance level for bulls to break through. Price is above the EMA7, but the 50/200-day moving averages remain pointing downward, with the major downtrend still intact.
MACD has contracted significantly with limited bounce momentum. Be cautious of a potential second test of the lows!
On the 4-hour timeframe, the MACD has crossed above (golden cross) pointing upward, with short-term bulls in control. On the technical setup, pay attention to resistance levels at 715 and 718. Today's key pivot point between bulls and bears remains at 705.