Bitcoin today is whether to return to 71,000 or continue to weaken?

Market analysis for 3.12!

It's not shameful to be stopped out when trading; this is a normal cost. The most frustrating thing is when your stop-loss is just swept out, and the market then sharply moves in the direction you predicted, which is a real mental blow. Recently, the support around 69,260 for Bitcoin has been very strong, with quick rebounds after false breaks, causing many long positions to be swept out at 69,000, only to surge directly to 71,292. Watching this makes people angry. Last night, I suggested shorting above 91,200, with a low dip around 69,200, successfully capturing nearly 2,000 points of profit!

Bitcoin failed to hold above 71,292 after a rally, with three attempts to push higher failing, then it retreated, just shy of the previous high at 71,665. Currently, the trend is forming an M pattern within a triangle zone, with 69,260 as the neckline. Once a volume-driven breakdown occurs here, the hourly M pattern will be confirmed, and the triangle will also break, with the next target heading straight to 68,210. Only by reclaiming 70,079 can there be a chance for further rebound, looking toward the resistance zone of 71,292-71,665. If it cannot get back above 70,079, don’t expect a big rally; a deep correction would be better.

Support at 69,260 has been tested multiple times; it’s unreasonable not to break it. If it still holds, the price will oscillate between 69,260 and 70,079, waiting for a direction.

$BTC Trading strategy: Still bearish outlook, short on rebounds around 70,550-71,200! Target 69,250, if broken downward then look to 68,150-67,680, with a stop loss of 600 points.

Ethereum’s outlook is also cautious.

$ETH Trading strategy: Short around 2,065-2,085 on rebounds, target 2,010; if broken downward then look to 1,965-1,905, with a stop loss of 2,110. Resistance levels are 2,050-2,083-2,115; support levels are 2,008-1,961-1,928.

After a decline, Ethereum’s rebound faced resistance at the upper boundary of the flag pattern. The second test also broke below the 2,055 support, with 2,016 being the current key level. Breaking below 2,016 then look to 1,985; if broken again, it will signal the end of the short-term bullish trend, and the next opportunity will be around 1,928.

Overall, it’s about key position decisions.