3.19 Evening Analysis

From the 1-hour chart perspective, the bearish trend has fully taken control. The downward channel is clear, with the price continuously dropping from the high of 74,767.60 in large bearish candles, effectively breaking below all short-term moving averages. The moving averages are arranged in a bearish configuration and continue to diverge downward, creating multiple layers of resistance. Although there have been slight rebounds, their strength is very weak, and the price has failed to break the previous high, probing lower again. The bearish momentum shows no signs of weakening.

The intraday low reached 69,433.60, breaking below the key psychological level of 70,000. There is no significant strong support below, opening up further downside potential. The price is trading close to the lower band of the Bollinger Bands, with rebounds quickly pushed back down. Market sentiment remains bearish, short-term rebounds lack momentum, and the likelihood of continued decline is high.

Trading reference: Follow the trend and look for short positions, with resistance at 70,500-71,000 above, and support around 69,000 below.