# Monday Afternoon, March 16 - Latest Trading Strategy for Bitcoin: No Fence-Sitting, Firmly Bearish

Recently, the bulls have been quite strong, and unexpectedly there was an upward spike. After accumulating over time, Bitcoin has now broken through the previous resistance level of 74000. However, as always, although the short-term trend is strong, it still lacks much follow-through. At this point, it's better to go short at high levels and take some hits than to be stuck at the top.

On the 4-hour chart, there is short-term strong upward movement, with sustained volume increases from the bulls causing Bitcoin to break through the previous resistance zone. However, while leaving an upper wick, the short-term has not shown much continuation action. Additionally, the KDJ indicator below is showing overbought conditions—a pullback from the highs is only a matter of time. Do not chase longs at high levels; this afternoon continues to look bearish with no change in stance.

Reference: Go short around 74000 and 74600, with a stop-loss above 75000, targeting 72000-71000. $BTC