Mr. Crypto: Bitcoin (BTC) Market Analysis and Reference (March 13)

Mr. Crypto: Bitcoin (BTC) Market Analysis (March 13th) Bitcoin rebounded after yesterday's pullback, but unfortunately failed to break through the upper resistance. Currently, the price is trading around 70,000, with bulls and bears locked in a stalemate. The pullback shows signs of stabilization, and if it closes positive again today, it may attempt to test higher levels. The key resistance level to watch is the previous high of 71,300. A break and stabilization above this level would likely change the current consolidation pattern. Crypto traders should be prepared. The long lower shadow on the 4-hour chart (reaching a low of 69,353.3 before rebounding to close at 70,327) suggests short-term buying support around 69,000. The daily chart has seen three consecutive days of gains, but the high-level doji candlestick that appeared early this morning is a signal to watch, indicating potential short-term pullback pressure. From a technical perspective, although the 4-hour MACD indicator has formed a golden cross, the red bars (momentum bars) are starting to shrink, indicating a weakening of the short-term bullish momentum. Meanwhile, the daily MACD indicator continues to show a bearish divergence. Looking at the moving averages, although the price has firmly established itself above the EMA30 (69562), the short-term EMA7 (70192) has begun to flatten, weakening the support of short-term moving averages. Overall, the price shows signs of stagnation at high levels after the breakout, suggesting a potential short-term pullback. Recently, the price has maintained a wide range of fluctuations, with both upward and downward movements exceeding 1000 points. This range-bound trading pattern is likely to continue for a period, and we are currently in this phase. Therefore, our short-term strategy remains to buy low and sell high. Bitcoin short-term reference for March 13th: Enter the market in the 71500-72500 range, add to the position at 75000, stop loss at 500 points, target below 70500; Enter the market in the 69300-68300 range, target above 70300, stop loss at 500 points.