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March 10 Midday Analysis
Currently, the market has bottomed out and rebounded, then resumed its upward move. Bitcoin has returned near the 70,000 level. The short-term gains are excessive, and momentum is gradually waning. The risk of chasing longs at high levels is extremely high. Adjust your strategy promptly; focus on shorting during rebounds.
Although the 4-hour rebound strength is strong, it has entered a previous dense resistance zone. Trading volume has not effectively followed up, increasing the risk of a pullback after a spike.
While the daily chart shows long lower shadows as support, after consecutive rebounds, the bulls are severely exhausted. The MACD has formed a golden cross, but the upward momentum has slowed. In the short term, there is a lack of sustained upward energy, leaning more towards high-level consolidation and topping, which is a rebound under trend pressure.
Trading Suggestions:
Short in batches around 70,500–70,900 for Bitcoin, targeting 67,000–68,000.
Short in batches around 2,050–2,060 for Ethereum, targeting 1,930–1,960.
Do not chase longs or fight the trend. Rebounds under pressure are high-altitude shorting opportunities. Strictly set stop-losses and aim for steady profits.