March 12 BTC/ETH:

Downtrend continuation, four-hour head and shoulders pattern indicates the next sharp decline?

Last night, the highly anticipated end-of-month CPI data was expected to cause a relatively large fluctuation. The data release was in line with expectations, leading to a small rebound followed by a pullback. From the overall market trend, the rebound highs are gradually decreasing, showing a clear distribution rhythm. Did the high point at 7080 still hold yesterday?

BTC
Currently, the candlestick pattern shows both Evening Star and Bearish Engulfing coexist. The momentum is clearly exhausted, and the hourly moving averages are forming a death cross. The four-hour head and shoulders neckline is at 6910; a break below would increase the retracement strength. The daily rebound structure is completely broken, so focus on short-term movements.

Around the 6990-7030 range, with support at 7120, target 6910-6830; if broken, look down to 6690-6550.

ETH
Around the 2047-2066 range, with support at 2090, target 1900; if broken, look down to 1952-1990.

Short-term trading is flexible; support levels depend on your actual position! #Gate蓝龙虾重磅上线 $BTC