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March 31 Market Analysis
How much did it rise or fall? No more strength!
1. Key Level Analysis
Resistance Levels (Resistance Zones)
First Resistance Level: 67,192.1 (MA5 Moving Average)
This is the medium-term moving average resistance. Currently, MA10 is trending downward, and prices tend to face strong selling pressure when rebounding near MA10.
Strong Resistance Zone: 68,000 - 68,181 (Previous high and 24-hour high)
The previous rebound high on the left side of the chart (around above 68,000) forms a strong resistance area. If the price pushes back, this will be a difficult barrier for the bulls to overcome.
Support Levels
First Support Level: 66,000 (Psychological and technical threshold)
This is the first line of defense psychologically and technically. If it falls below 66,400, the next target is 66,000.
Strong Support Zone: 65,800 - 65,000 (Previous low)
The chart shows recent lows in the 65,000-65,800 range. This is the recent bottom. If it breaks below 65,800, it may trigger a new round of panic selling, seeking support at 65,000.
Trading Suggestions (For Reference Only)
Entry Point (Shorting): If the price rebounds to the 67,500 - 68,000 range (close to MA10 and previous small platform resistance) and shows reversal signals (such as long upper shadows, engulfing patterns), consider taking a small short position.
Stop Loss: Break above 68,500 (to prevent false breakouts) or effectively stay above the MA5 moving average.
Target Levels:
First Target: 66,000
Second Target: 65,200 - 65,000 (previous low support zone)
Summary: The current trend is a weak consolidation after a decline, with rebounds blocked by moving averages, and RSI showing weakness. As long as the price cannot volume-break through 68,000, the overall trend remains bearish, suitable for shorting on rallies.