3.23 Midday Market Analysis

$BTC

Hour-level highs and lows continue to decline, confirming a clear downtrend. We strongly advise against counter-trend operations. If you insist on trading against the trend, be prepared to accept stop-loss losses and avoid losing big over small gains.

Previously, after the second dip at the 68188 level quickly recovered, I predicted a possible small double bottom, but subsequent K-lines consistently failed to hold above 69017, indicating this was only a weak rebound after a new low, not a bottom formation. It subsequently broke through 68190 and created a new low.

BTC has not bottomed out yet: no exploratory long needles, no higher highs, the downtrend pattern remains unchanged. Running below 68190 for the long term, the previous low at 67310 will likely be broken, targeting 66588 below. Do not blindly chase the bottom.

Trading Strategy

• Volume breakout holding above 68196, chase longs on the right side, target 69053-69597;

• Volume breakdown below 67513, right-side chase shorts if retracement fails;

• 4-hour breakdown below 67331, looking at 66137-65099 below.

Resistance: 68196-69053-69597
Support: 67527-66582-65193
$ETH

Overall weak performance, 2068 is the key resistance at the lower bound of the box. Only a breakthrough offers the chance to return to the box and test 2121; failure to hold above this level makes it only a matter of time before the 2024 low is broken, targeting 1962 below.

Trading Strategy

• Volume breakout above 2060 chase longs, stop loss if broken, target 2097-2127;

• Volume breakdown below 2035 chase shorts, take stop loss;

• Retest 1990 support effective can go long, stop loss at 1908;

• Rebound to 2127 can go short, stop loss at 2160;

• Left-side pin bars: go long at 1936, stop loss at 1908.

Resistance: 2060-2097-2127
Support: 2038-2007-1960
4-hour breakdown below 2035, looking at 1991-1959 below.#Gate13周年全球庆典 #加密行情震荡 #美伊战争进展 $BTC $ETH