On the 4-hour chart, a double top structure has formed recently with two highs near 70685 and 71367. Currently, the price has broken below the key neckline level at 69860. From a technical perspective, the double top breakdown indicates increasing downside risk in the short term. The daily chart has closed with three consecutive bearish candles, with lower highs descending from 73909 to 71246 to 69840, a classic descending triangle bearish pattern, indicating that market momentum continues to shift downward.
From an indicator perspective, the 4-hour MACD fast and slow lines continue to diverge below the zero line, with bearish momentum bars expanding to -263. The downtrend momentum is not weakening but actually strengthening. The moving averages are weaker, with price breaking below all key EMA lines including the 7, 30, and 120-day EMAs. Short-term moving averages have crossed below long-term ones, forming a complete bearish arrangement. On the 4-hour level, 70500 is a resistance level near the EMA7, where rebounds will face significant resistance. In terms of volume, the 4-hour candle on March 20 at 8 PM surged on high volume with 4716 transactions, followed by successive volume contraction in rebounds, declining from 3080 to 303. This is typical of increased volume on declines with low volume on rebounds, indicating weak bottom-fishing activity. The daily level is even more obvious, with declines accompanied by continuously expanding volume, from 16244 to 22365 to 23393, showing progressive selling pressure with no signs of buying support entering.
Overall, the double top neckline breakout, daily descending pattern, combined with bearish moving average arrangement and sustained selling volume, suggest a bearish technical setup. Unless price quickly recovers above the 70000 neckline, the short-term trend will likely continue testing support levels. See you tomorrow. Follow Mr. Coin for real-time market analysis.
March 21 Bitcoin Short-term Reference: Range-bound between 70500-71500, defense at 74500 supplement, stop loss 500 points, target below 70000 at 68300-69300 range, target above 70000, stop loss 500. Note: Transmission may have delays. Strategy suggestions are for reference only. Market conditions are ever-changing. Regardless of confidence in market forecasts, always set take-profit and stop-loss orders for capital preservation.#Gate13周年全球庆典 #TradFi首创多倍杠杆 #加密行情震荡 #创作者冲榜 $BTC $GT $ETH
