3.19 Evening Analysis

From the 1-hour chart perspective, the bearish trend has completely dominated, with a clear downtrend channel. The price has continuously dropped from the high of 74767.60 with large bearish candles, effectively breaking through all short-term moving averages. The moving averages are arranged in bearish order and continue diverging downward, forming layer upon layer of pressure. Although there have been minor rebounds, their strength is extremely weak, consistently failing to break above the previous high and probing lower again. Bearish momentum has not yet shown signs of exhaustion.

The intraday low touched 69433.60, breaking through the key psychological level of 70000. There are no obvious strong supports below, opening further downside space. The price is running close to the lower Bollinger Band, with rebounds quickly knocked back. Market sentiment is bearish, short-term rebounds lack strength, and the probability of continued decline is relatively high.

Trading Reference: Follow the trend and go short. Watch the 70500-71000 resistance level above, and target support around 69000 below.

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