3.6 Friday Morning Bitcoin Outlook



The short-term rebound has still not shown signs of continuation. Last night, Bitcoin surged to 74,000 and then steadily declined, dropping to a low of 70,600. We maintained a bearish outlook throughout yesterday, and the overall gains were good. Currently, the price is fluctuating around 71,000.

From the 4-hour chart perspective, the 74,000 level clearly acts as a resistance zone. When it can't break through, it gets pushed down. Although there was a rebound in the middle, the momentum was weak. Moving averages are already showing a bearish alignment, MACD has formed a death cross heading downward, and KDJ is also diverging downward. The small timeframes are mainly dominated by a bearish trend, and overall, there is still a possibility of further decline.

Trading Strategy:
Bitcoin: Short near 71,200—71,800 on rebounds, target 68,000—66,000

Altcoin: Short near 2,090—2,110, target 1,970.
BTC-1,81%
ETH-1,37%
SOL-1,59%
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