3.18 Early Morning Bitcoin Analysis: Top Signal Emerging at High Level, Coin Price Initiates Downward Channel

On the daily level, the coin price surged higher but faced resistance and pulled back to close a small bearish candle, which is a phased weakening signal following a strong rally reaching its top. Currently, the bullish momentum has significantly waned, adjustment pressure continues to release, and the daily level is likely to initiate a high-level oscillating downtrend.

On the 4-hour level, a long upper shadow small bearish K-line has formed, bearish selling pressure continues to intensify, and in the long-short game, bearish forces are dominant. Oscillatory consolidation is actually a continuation of the decline, with further pullback expected subsequently. The rebound near 74,000 is merely weak technical rebound, bearish momentum has not been fully released, the uptrend structure has already been broken, rebounds lack strength.

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