3.12 Evening Market Analysis
Bitcoin is currently being suppressed by both the MA7 and MA30 moving averages. Key moving averages have effectively broken down, with KDJ indicator showing a death cross pointing downward. Short-term bullish momentum is clearly weakening, with a distinct bearish structure.
The chart has formed a standard bearish structure from the highs: surge and pullback → moving average reversal → increased volatility. The first support level below is 69,800. Once broken, watch for the 69,000-68,800 range.
Operation Suggestions
Bitcoin: Arrange short positions near 71,000-71,50
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