3.20 Friday Morning Bitcoin Latest Analysis

Today marks both the end of the week and the Dragon Raising Head festival—wishing all friends great fortune. As the market approaches the week's end, it has extended after weakening earlier. Yesterday, Bitcoin was dominated by short positions, and any rallies were opportunities to short. We're profiting nicely from shorting. Currently, the rebound intensity after the decline shows weakness, and we continue to expect shorts to extend today.

On the daily chart, another bearish candle has formed. Three consecutive bearish candles have retested and broken below the midline support. The bearish pattern is self-evident. On the 4-hour chart, Bitcoin surged and pulled back, trading in a narrow range around the lower band after dropping below it. Moving averages and indicators all display bearish alignment. On the hourly chart, operating under bearish trends, the Bollinger Band expands downward, currently pressured at the midline area. Overall, the bearish trend is pronounced with rebounds lacking strength—following the trend is the way to go.

Early morning, Bitcoin rebounds to 70,500 and 71,000 areas for shorting; looking lower toward the 68,000-67,000 zone.