"Market Analysis for March 12: Bitcoin's 4-Hour Head and Shoulders Pattern Driving the Daily Top Model, Is a Major Drop Coming?"

Yesterday, I mentioned that the 69,400 level for Bitcoin is the dividing line between bulls and bears. It briefly dipped below this level on the 15-minute chart yesterday but quickly recovered with a bottoming pattern. It wasn't a clean move at all, but if it drops again today, be cautious of a forming 4-hour Head and Shoulders pattern. If the support rebound below the neckline fails, it could trigger the formation of a daily top model. So, if it drops here and the rebound doesn't break key levels, be careful.

$BTC Today, keep an eye on whether Bitcoin breaks below 69,400. A break here is likely to lead to a further decline, with support at 67,400 and 66,600. Rebounds from these levels wouldn't be surprising. If there's a fakeout around these levels, watch for resistance at 72,200 and 73,300.
$SOL Support below for Solana is at 83.2 and 82, with resistance at 89. Solana's momentum isn't strong; consider placing fake breakout and fake breakdown orders.
$ETH Ethereum, like Bitcoin, should be cautious about when the 4-hour Head and Shoulders pattern might form. Keep an eye on the hourly chart to see when it breaks below 2010. After breaking, a rebound at support levels 1970-1975 wouldn't be surprising. If it hovers around 1910 without dropping further, it might be better to look for short opportunities at resistance around 2138.

In summary, even if the market stalls, there will be a move eventually. The 4-hour chart for Bitcoin already shows signs of a Head and Shoulders pattern forming. Focus on when key support and resistance levels are convincingly broken. Once support is broken and the price rebounds but fails to break the neckline again, consider closing long positions. Because once the daily top model is triggered, a new downward wave could follow. (This is based on the logic discussed a few days ago about the second daily top model appearing.)
(Follow Chief Analyst for daily market updates and precise entry points. Long and short ideas are for reference only. Strict stop-loss and take-profit are recommended.)