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Market Summary for Today -- The market remains somewhat weak; consider opening short positions

Today’s market shows a downward trend. Bitcoin’s highest point did not break through 67,000, and the lowest point was at 65,826, created in the early morning. However, tonight’s market is still declining, and it is likely that the price will break below the early morning low.

From a technical perspective, the market is clearly suppressed by short-term moving averages on both the 4-hour and daily charts. On the weekly chart, support is near the lower band of the Bollinger Bands around 63,500. On the daily chart, the resistance level is at the middle Bollinger Band at $70,000, which is also an psychological level, and the support is at the lower Bollinger Band at 61,770.

On the news front, escalating tensions between the US and Iran, worsening situation, and a 90%+ probability that the Federal Reserve will keep interest rates unchanged in March all negatively impact the market.

My trading plan: Open a small short position at the current price, with a stop loss at 70,100. The first take profit target is 63,500, the second is 61,770, and the third is 55,000.