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Bitcoin market analysis
Today will be the last trading day of the first quarter on Wall Street, and Bitcoin has performed very satisfactorily throughout the quarter. Since January 1, the highest point has risen by 75%. Generally speaking, we approach the last trading day with a bit of bias, and the source of this bias is that Wall Street fund managers need to show investors their excellent performance in the first quarter and encourage them to invest more. This kind of stock manipulation at the end of the quarter in order to beautify the quarterly results is often referred to as "window dressing". Therefore, let's go today with such a bias to see if Bitcoin and Ethereum have a chance to be bullish.
Whether April will become the time point for a pullback, or return to the K-line to see the current price and behavior of Bitcoin, and how we view the current market. After the opening of Wall Street last night, the price of bitcoin skyrocketed, and then took the liquidity of the airdrop, directly breaking the long stop-loss order of chasing long above.
After the price pullback, it is recommended to be bullish in the short term, with a stop loss at 68,000, and then the price instantly rises to the level of about 70,000.
When it reached the level of more than 70,000, it was around the central axis of the consolidation area ahead, and Bitcoin was blocked. Therefore, I also immediately remind everyone to leave. That transaction simply ended, reflecting a wave of Bitcoin long and short double kills. According to the principle of "false breakout", both short and long positions can be opened. If you want to briefly understand the principle of opening a "false breakout", you can review our 3-hour tutorial on the rules of candlestick trading.
What do we think about the market of bitcoin now? Bitcoin is still long in the short-term level around $68,300. If the price of Bitcoin can reach these levels and rebound after Wall Street opens tonight, it will be another short-term bullish trading opportunity. In addition, there is a technical pattern, a descending channel pattern, which is around $67,800 at the bottom of the channel, and it will be interesting to see if there will be a rebound.