$BTC 3.23 Evening Bitcoin and Ethereum Market Analysis and Trading Suggestions

Although the current market has shown a slight rebound, with the price briefly testing near 68,800, from a technical structure perspective, this more resembles a technical correction after short covering rather than a trend reversal signal.

On the daily chart, the price remains below the MA10 moving average, with MA5 and MA10 maintaining a death cross and diverging pattern, indicating that the bearish trend has not eased. The resistance from the moving average system remains strong, suggesting that selling pressure above has not been effectively absorbed, thus limiting the rebound space.

On the four-hour chart, the 68,800 level coincides exactly with the middle band of the Bollinger Bands and the 0.5 Fibonacci retracement level, forming a double technical resistance. Although the MACD momentum bars have shown some recovery, the volume increase is clearly insufficient, indicating that the bulls lack the sustained buying power to push higher. Under this structure, the continuation of the rebound is doubtful, and it instead signals a potential phase for the bears to regain strength.

Strategically, before the price can effectively stabilize above the 68,800-69,000 zone, any rebound should be regarded as a shorting opportunity. It is recommended to gradually establish short positions in the 68,500-70,000 range, with support levels at 67,800 and 67,400. A break below these levels would further open the downside space.

Ethereum faces similar pressure, with even weaker rebound strength. The 2,070-2,085 zone also overlaps with the middle band of the Bollinger Bands and Fibonacci resistance, providing an opportunity to short. Downside support levels to watch are at 2,020 and 2,000.