3.11 Wednesday Afternoon Bitcoin Latest Strategy

The intraday market did not experience the expected volatility. After breaking below the 70,000 level in the early morning, it continued to fluctuate within a narrow range. Currently, the rebound high is around 70,200, with a pullback low near 69,400. The short position we suggested around 70,200 this morning has captured two short-term waves, offering a profit of over 1,000 points.

At present, structurally, the market is repairing within a consolidation pattern in the short term. There are no clear bullish or bearish signals in the short term. However, from a technical perspective, the corrective move following the sharp decline has already completed. The current rebound is a retracement, so it’s not advisable to chase longs at high levels.

In the afternoon, it is recommended to consider short positions around 70,200 to 70,800, with support levels at 69,000 to 67,500.