Patternsmart

Analysis based on indicators shows the short-term break below the support channel. A long-term downtrend is emerging as shown in subchart. Conclusion: The downtrend will continue for a while. The input used in main chart is for short term trend analysis, the input used in subchart is for mid and long term trend analysis.

BTCUSD From this weekly chart we can see that the current uptrend is only start for 2 bars(2 weeks), and the average uptrend based on the history datamining info is 17 bars(weeks). The possibility of continue in up trend is very high.

BTCUSD On March 9, 2023, Bitcoin underwent a significant downturn, resulting in a substantial drop in its price to a low of 20210. The downtrend has continued. At the time of writing on March 10, Bitcoin is trading at 19947, falling below $20,000 for the first time since mid-January. Market volatility has been on the rise due to regulatory uncertainty. Recent legal actions against major crypto exchange KuCoin by the New York Attorney General and enforcement measures against Paxos and Binance have added to the turbulence. The liquidation of Silvergate bank has further complicated matters by creating potential liquidity issues across the entire industry. As a result, investors are exercising caution, waiting for signs of stabilization and transparency in the regulatory environment. As shown in the chart, it's already in down trend from last week, this direction may continue for a short period of time.