February 28th, Bitcoin Silk Road

Bitcoin's 1-hour chart is playing out as expected. After dropping, it temporarily stabilized around 65,000. However, when it rose to 66,000, there was a lot of selling pressure, clearly preventing it from moving higher. On the technical side, the MACD indicator is stuck together with no clear direction, the Bollinger Bands are narrowing indicating reduced short-term volatility, and the KDJ has already entered the oversold zone with a dead cross forming. These signals are mostly bearish.

Weekend trading usually sees less volatility, making it suitable for a short-term short position. Suggestion: If Bitcoin rebounds to the 66,000-67,000 range, target the first support at 64,000. If it breaks below that, continue to watch 63,000.