Analysis of Bitcoin trend and operation strategy on March 17

BTC3.17

The overall trend of Bitcoin yesterday was a volatile market. We also shorted twice at 54700 and 56300 during the volatility, and gained more than 800 points each time. So how do we analyze today's thinking and trend? Let's take a look at the technical side:

      From the hourly chart, we can see that the current trend is a correction of pen A, with the high point at 61800 and the low point at 53200. So before falling to 53200, it formed an hourly central oscillation, and then tested the low point of 53200 again, and then it was repaired in the central interval. Then there are two trends.

      1: The central axis oscillates and breaks the resistance point of 57200 to form the upward movement of pen b. However, the current trend is basically falling after touching the central resistance point, so the author believes that the mid-level correction of pen a has not ended.

      2: A continues to fall, which is also a trend that the author is optimistic about, because the recent 4-hour and hourly lines are basically oscillating and weak, but a trend that satisfies the continuation of A must break the previous central support position of 54500, so the execution idea is still to sell short at a high level

Execution suggestion: short sell in batches between 56000-57000 and defend at 57500

Choose the right time to buy at 54500. Of course, do not consider entering the market if it breaks sharply. If it oscillates above 54500 and forms a 15-minute or hourly bottom pattern, you can go long.

Personal suggestions are for reference only

The overall idea is to focus on mid-term buying opportunities around 52,300