3.19 Morning Analysis

From the 1-hour chart perspective, after the volume break below the Bollinger Band lower track and multiple moving average support levels from the high, the bearish trend has been clearly established. The current rebound is continuously capped below the moving averages with weak momentum. Although the KDJ indicator shows a slight rebound, it remains in the lower region and has not formed an effective reversal signal. Price has refreshed the stage low to 70456, and the rebound has failed to break through the 50% midpoint of the previous large bearish candle. Selling pressure below still exists, and in the short term, there is a high probability of continued downward movement. For operations, it is recommended to go short from the moving average resistance level at 72000-72500, with the first target at 70456 (the previous low), and further target at the 70000 round number after breakout. Additional lower targets look toward 68000.#Gate13周年全球庆典 $ETH