3.24 Tuesday Morning Bitcoin Latest Analysis: Rally Is Not a Reversal, Continue Shorting

Ten years of hard work can't compare to one word from Trump. After a round of gains last night, Bitcoin continued to consolidate at high levels. Following the US market's strong open, Bitcoin advanced further, with prices reaching the 7170 region at their highest. At this point, we decisively shorted at current price levels. The low in the early morning touched around 7000, with nearly 1700 points of perfect profit-taking, followed by another rebound to 7120 before pulling back. Currently oscillating around 7070.

From the current chart perspective, on the daily timeframe, a solid bullish candle broke through the mid-band resistance with volume, but showed no significant follow-through action, while also forming an upper shadow where Bitcoin stopped at 7170. In terms of technical structure, the short-term rally is not a reversal. On the 4-hour chart, while the short-term appears to be rising strongly, under the pressure of multiple upper shadows, prices still failed to break through the upper band. Meanwhile, the Bollinger Bands maintain their downward channel unchanged. The rally is not a reversal; the overall structure remains bearish. Continue shorting on any intraday rebounds.

Morning Bitcoin reference: Short in batches around 7100-7150, targeting 6950-6800 area on the downside. #Gate13周年全球庆典