(Price Trend Analysis)
Candlestick Patterns:
On the hourly level, a long upper shadow appears (69290), indicating selling pressure above 69000. The daily chart has closed positively for three consecutive days, forming an ascending triangle pattern. On March 9th at 9 PM, there was a sudden surge of 824 points accompanied by a large volume, forming a bullish engulfing pattern. Upward pressure has been fluctuating between 69000-70000, and it has hit 69000 three times (on the hourly chart). Once it stabilizes at 69500, the upward channel will be opened, and the price will test the 72000 level. Conversely, if it does not stabilize after four attempts, traders should prepare for a counterattack at 69000 (no break, no standing).
Technical Indicators:
MACD: On the hourly level, the DIF (399) has a golden cross above the DEA, but the histogram has started to shrink; the daily MACD (-1048) still remains below the 0 axis.
RSI: The hourly RSI (59) has retreated from the overbought area, and the daily RSI (49) has just broken above the middle axis line.
EMA: The price has stabilized above the daily level of 68800 / weekly level of 68200.
Trading Volume: During the key breakout period (March 9), the trading volume reached 2460, which is three times the average volume. Currently, in the shrinking adjustment phase, the hourly trading volume maintains around 700, showing an increasing trend on the daily level.
BTC Strategy Sharing
Entry Point: 69500-69700 (Long)
Stop Loss Point: 67800-68200
Take Profit Point: 71500-71800
Entry Point: 71500-71800 (Short)
Stop Loss Point: 72500-72800
Take Profit Point: 69000-69100
(Investing involves risks, please be cautious, strategy suggestions are for reference only)
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