Wednesday, 3.11

The key resistance at 71,400 has shown a significant suppression effect. Yesterday’s price tested this level twice but failed to hold steadily. After spiking to 71,700, it quickly retreated, forming a clear false breakout pattern, confirming that short-term upward pressure is heavy.

The daily chart closed with a long upper shadow. After two consecutive bullish days, the upward momentum has noticeably weakened, unable to break through the upper Bollinger Band resistance. The bullish strength continues to diminish, and today’s market is likely to be weak and volatile downward.

The overall major trend remains bearish. Currently, the market is not in a strong unilateral move, with the pace of long-short shifts being relatively fast. Strict risk control and flexible responses are required.

Upper resistance: 70,500–71,400 (core shorting zone), short-term long-short boundary: 71,700
Lower support: 68,400 (key watershed), breaking below opens further downside space
Bull reversal condition: Hold steady above 71,700 to target the 75,000 region

If the price effectively breaks below 68,400, the bearish trend is officially confirmed, and it’s advisable to hold short positions for lower targets.
If the price unexpectedly holds steady above 71,700, abandon the short idea, wait for bullish signals, and re-enter positions.

Suggestions:
BTC: Entry zone: 70,500–71,400, staggered short positions
Target zone: 69,000–68,400

ETH: Slightly bearish in sync with the market trend
Short around 2,050–2,090, target: 2,000–1,950

Today’s market shows a clear long-short division. Do not chase or hold positions blindly. Only adjust strategies after key level breakthroughs. Prioritize stability and secure profits.