3.16 Market Review and Technical Analysis

Today's market reached the upper Bollinger Band at noon, followed by a sharp rally with a high near 73,700, then a brief pullback occurred; bulls attempted to break through key resistance again, the breakout failed, and prices entered a slow downward retracement rhythm, showing an overall pattern of rising then falling with range consolidation.

Market Analysis

Bitcoin pulled back to around 73,000 in the afternoon and encountered a small technical rebound, with the highest rebound reaching around 73,300. This rebound is a corrective move after being blocked at the resistance level. The continuation is weak, and it will continue to retest downward seeking support; after stabilization, it will initiate a pullback move. Ethereum touched a support level near 2,240 around 17:00 and also showed a small rebound. Overall it is dominated by basic consolidation, after a short-term pullback it maintains a bullish structure, and will likely continue the consolidation uptrend subsequently.

Operation Suggestions

Bitcoin: Long Positions
Entry Range: 72,500～72,000
Stop Loss: 71,800

Ethereum: Long Positions
Entry Range: 2,200～2,150
Stop Loss: 2,100$BTC ‌$ETH ‌#比特币