April 2nd Morning Bitcoin Analysis

According to the BOLL(20,2.0) indicator, the upper band (69248.3), middle band (68611.5), and lower band (67974.6) are all diverging downward simultaneously, forming a typical bearish downtrend channel. The price continues to operate below the middle band, fully suppressed by the middle band’s strong resistance. Rebound momentum is continuously weakening, and each rebound to the middle band presents a high-probability shorting opportunity. Meanwhile, the price is close to the lower band, with the channel opening widening, indicating sufficient bearish momentum and a strongly confirmed downward trend from a technical perspective.

2. Candlestick Structure: Extremely Weak Downtrend, Complete Imbalance Between Bulls and Bears

The candlestick pattern shows a clear downward trend: after peaking at 69288.0, the previous high, the price has been oscillating downward, with multiple rebounds failing to break through the previous high. It then quickly plunged, forming a large bearish candle, with bearish volume continuously releasing. Currently, the price is weakly oscillating in the 68000-68500 range, with small bullish candles and full-bodied bearish candles, indicating a complete imbalance between bulls and bears. The market has entered an extremely weak state, and the downward space continues to open.

3. Key Level Verification: Support Failed, Resistance Clearly Defined

- Strong Resistance Above: The middle band of the Bollinger Bands at 68600-68700, combined with the lower edge of the previous consolidation platform, is the core resistance level for this rebound. The price has attempted multiple advances but has failed to stabilize effectively, with each rebound facing resistance.

- Support Below: The lower band of the Bollinger Bands at 67900-68000 serves as short-term weak support. Once broken effectively, it will directly open a new round of decline, with targets directly at 67000-66000. It is recommended to watch the 68000 level after breaking the first target of 68900-69500, with a focus on the 67000-66200 range.