0318BitcoinTechnical AnalysisDaily

The price of BTC has recently experienced a slight pullback during intraday trading, currently relying on the support of the 50-period Simple Moving Average. Last week, the rebound momentum of BTC remained weak. Although it quickly regained the $80,000 mark, the subsequent upward momentum failed to continue, leading to a stagnant state. It is currently facing resistance near $85,300. If it fails to break through and hold above this level in the first half of this week, it may retreat to the support range of $77,000 to $78,000 to seek liquidity, forming a double bottom pattern once again. Of course, if the retracement is small and finds support near $79,400, there is a possibility of forming a head and shoulders bottom reversal pattern. However, on-chain data indicates liquidity exhaustion, with almost no increase in open long positions. Some signs show that new large holders are selling at relatively low prices. Therefore, traders need to be aware that until there is a clear and effective breakthrough above the upper boundary of the wedge pattern at higher timeframes, BTC remains within a bearish dominance range. It is expected that within the next 5 months, the price will enter a period of consolidation and bear market.

Today's forecast is that as long as the support level near $81,950 remains stable, BTC price should have a good upward momentum in the next three trading days, with the target price expanding to $86,300. Conversely, if there is a downside, new liquidity will be sought below to better achieve a bottoming effect.