3.15 Sunday Mufeng Evening Market Analysis

From a daily perspective, the bulls over the weekend showed a typical choppy slow-climbing movement, with prices gradually rising to test resistance. After breaking through the Bollinger midline, the market continued to operate in the mid-to-upper band area. The rhythm appeared stable, but the upward momentum was clearly insufficient. Friday's rally left a long upper shadow, and although it briefly pierced the upper resistance level, it was more of a probing push higher without effectively opening up space above.

The previous 74000 area resistance remains extremely strong, serving as a key bullish-bearish dividing line. If this level fails to break through effectively in the near term, structurally it is very prone to forming a double-top pattern. Once the double-top is confirmed, the market will very likely enter a new round of accelerated decline, with the pullback magnitude not to be underestimated.

Do not be deceived by short-term rebounds; the overall direction remains bearish. This morning's rally wave is essentially just technical correction, a normal rebound after the sharp decline, and has not changed the overall downtrend structure.

Mufeng Recommendations

BTC: Short near 72200, target 70000, break-down target 68000, long-term view 60000!
ETH: Short near 2130, target 2060, break-down target 1950, long-term view 1800!