Evening Thoughts on March 12:
The market witnessed a turning point in the afternoon. The previously declining market abruptly halted after reaching the low point of 81250, with bulls quickly gaining momentum, pushing prices strongly rebounding to reach the high point of 82942. Meanwhile, Ethereum followed suit, rebounding after dipping to the low point of 1851, successfully reaching the high point of 1955 in the afternoon session. With the release of favorable CPI data in the evening, Bitcoin surged to a high of 84500, while Ethereum reached 1949.
Analyzing the current market situation from a daily perspective, Bitcoin began a corrective rebound after a severe drop to the low point of 76500, and is now approaching 83000. The upper pressure level at 84000 remains firm; if broken, it is likely to target 86000 - 87000 in the short term. The support range is located between 80500 - 78500; if the bears continue, a pullback to 73000 cannot be ruled out. Ethereum shows a similar pattern, rebounding to around 1950 after a severe drop to 1750, with the pressure level between 1950 - 2000. If broken, it will look towards the key point of 2100, with support at 1850 - 1800, and if the bears continue, it may test the bottom at 1650.
Focusing again on the 4-hour level, the downtrend faced resistance, with Bitcoin finding support in the range of 80000 - 78000 and Ethereum between 1850 - 1800. Subsequent rebounds will test resistance, with Bitcoin estimated to challenge 84000 - 86000 and Ethereum looking towards 1950 - 2000. The market has experienced a wave of upward movement, successfully pushing prices above the midline. Currently, the midline is around 83000, showing a gradually narrowing and downward-sloping trend, indicating that the market may face some pressure in the short term. Although bulls are showing signs of a rebound, the resistance level at 84000 has still not been broken. Until there is an effective breakthrough of the upper range, it is recommended to maintain a high short strategy as the main focus. If bears dominate, it is likely to consolidate in the current range before breaking down support.
In terms of operational strategy, it is suggested to prioritize high shorts with low longs as a supplement, flexibly responding to market changes.
