3.22 Sunday Morning Bitcoin Strategy

Weekend markets are always so quiet, characterized by oscillation with limited volatility. Yesterday during the day there was narrow-range consolidation, and in the evening after a small rebound at 710, it oscillated downward all the way to the 6885 area. The trend was slow but aligned with our expectations.

On the 4-hour chart, the Bollinger Bands continue to narrow. The short-term upside is suppressed by the middle band. Within the short-term range pattern, it's not hard to see that the overall trend is still dominated by bearish sentiment. On the hourly chart, there's a continuous string of bearish candles pulling back. After the current solid bearish candle with volume expansion, it once again confirms the bearish pattern. However, given it's the weekend, the probability of a one-sided move is small, so it's best to participate in short-term movements only. Currently Bitcoin is at a low level and shouldn't chase declines excessively. Intraday first watch for rebounds, then short after going up.

Short-term focus on the 6800 level. If it doesn't break, we can rely on this area for longs. Watch the 7000 area above. If it goes up without continuation, we short directly.