March 16 Bitcoin Update – Bearish Price Action After Losing $69K Support

BTC has finally started to show concerns for a drop, and this downtrend has started on Thursday after the worse than expected inflation data was released. There is a March 20 FOMC meeting next week, and the financial markets could continue a downtrend headed into that meeting. In my previous update I discussed opening a short position on $BTC once the price climbs above $70k. Unfortunately, this occurred in the middle of the night yesterday while sleeping so I missed the trade entry. I would look for any shorts above $68k, preferably with entries around $70k. For now I think BTC has already dropped throughout the day and I would look for some type of short-term rebound.

March 17 Bitcoin Update – Bitcoin Turns Green on St. Patricks’ Day

Yesterday I discussed how $BTC is likely to form a rebound. This rebound occurred overnight, and it seems like the best trade entries are taking place during these late night hours. For now BTC is trending up, and the weekly candle looks bearish. $BTC is back above $68k, and I have $68.5k as a key resistance level for a rejection here. I think the best short entries are above $69k, preferably around $70k. However, $68.5k resistance should be monitored for a rejection on the way up.

Happy St. Patrick’s Day

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