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3/21 Midday Bitcoin Analysis
Bitcoin previously broke below the triangle consolidation zone and confirmed effectiveness after retesting the 69222 support. Currently, a rebound is underway. The key is whether it can return to run within the triangle zone. If it can return, the 71505 neckline resistance level is likely to be broken in sequence. Once this level is broken, an hourly W-bottom pattern will form, and subsequently we can look for the 72189-72826 resistance zone.
As long as Bitcoin holds above 70400, breaking through 71505 is only a matter of time. If it pulls back and breaks below 70400, it will retest the 69222 support again. Holding this level will lead to continued rebounds, while breaking it will result in a significant decline.
Trading Suggestions:
Chase longs on breakout of 70726 with volume; chase shorts on volume break below 70421 if it fails to retrace back. Use strict stop losses.
If the hourly line holds 70726, targets are 71505-72189. If unable to hold above 70726, the rebound lacks strength.
If the 4-hour line breaks below 69868, watch for 68932-68203 support below.
$BTC #Gate13周年全球庆典