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3.19 Thursday Morning Market Analysis by Mufeng
Bitcoin experienced a sharp pullback yesterday, coming under pressure around 74,600 at midday and subsequently closing negative. It reached a low of 70,500 early this morning, representing a drawdown of approximately 4,000 points. This decline undoubtedly caught the bulls off guard, and everyone is asking—Mufeng, is the bear market here?
Not exactly. The current market volatility is essentially the smart money's routine action of washing out weak hands and consolidating the bottom; from a technical perspective, the weekly-level bullish structure remains solid, and the MACD indicator's correction has not destroyed the overall uptrend.
Morning Trading Recommendations: Buy near support levels with stop losses on effective breaks below support!
BTC: Buy near 70,000, Target: 72,000-73,200
ETH: Buy near 2,130, Target: 2,280-2,310