$BTC 3.29 Morning Market Analysis: Mingpai is retreating south, it’s too early to bottom fish, and the bearish trend is still ongoing

Bitcoin is currently priced at 66,800. This sharp decline has once again shaken out a batch of blindly chasing high investors. Traders who were confident in private messages this morning that “below 69,000 is a golden opportunity” are now anxiously asking in the afternoon, “Can we bottom fish at 66,000?” — this habitual chasing of rallies and selling on dips is precisely the core reason the market keeps reaping losses. I have already clearly pointed out that the convergence triangle pattern combined with a MACD death cross is an obvious bearish signal. Unfortunately, most people only focus on the weak rebound in front of them, ignoring the core long-term downward trend. At this moment, do not hesitate to bottom fish; the current market is entirely dominated by bears, and every rebound is an excellent opportunity to follow the trend and short.

From the daily chart perspective, Bitcoin’s downward trend is far from over. Since the peak at 76,000, all moving averages are arranged in a bearish alignment, continuously suppressing the price and locking it firmly in the low range. Although the MACD green bars have shortened, it has not yet turned red, indicating that the bearish force has not been fully released, and the market is still in a phase of downward buildup. The current price fluctuates around 66,947, seemingly brewing a rebound, but in reality, it’s just prelude to further decline. The 69,000-70,000 zone above forms a strong resistance band, with a very low probability of breaking through; the 65,000-66,000 level below is the first key support. If it is broken effectively, the price will further drop toward around 59,800, confirming that the daily trend is now clearly bearish.
💡 Core Trading Strategy: In this phase, focus on shorting on rallies, avoid bottom fishing on the left side; pay close attention to the breakdown of the 65,000-66,000 support level. If it fails, follow the trend and go short; the 69,000-70,000 zone above is an ideal area for gradually building short positions.