3.19 Thursday Mufeng Afternoon Market Analysis

Bitcoin dropped from around 71,500 in the afternoon and even broke through the key support of 70,000, directly retesting around 69,500. Many people panicked shouting "the rebound is over", but it's not that pessimistic. As long as 69,000, the starting point of the rise, is not broken, the hourly-level bullish trend is still intact, just temporarily entering a weak consolidation zone.

The first test of 69,500 has already been completed. Next, there will likely be another retest. If the low point of the second retest is higher than the first, it will form a double bottom pattern. Friends looking to buy the dip need to stay patient and not be swayed by short-term fluctuations.

Trading Recommendations
BTC: Long near 69,500, target 72,000
ETH: Long near 2,130, target 2,250