3.11 Wednesday Afternoon Market Analysis

In the morning, the hourly chart showed a sharp rise followed by a pullback, with the high reaching 71,748 points before encountering resistance. Currently, it is oscillating around 69,500 points. Support on the 15-minute chart is at 69,300 points. The Open Interest (OI) remains around 80.89K, indicating that bulls still show signs of holding above 69,000 points. If the intraday price can hold above the 68,400 support level (the 4-hour midline) and combined with the evening CPI positive data, a rebound trend will only be confirmed after breaking through 71,700 points.
Ethereum's short-term trend is slightly stronger than Bitcoin. After a dip to around 2,007 points in early trading, it quickly recovered. The three-bottom pattern on the hourly chart is beginning to form. Currently, OI is stable around 2.07M, with continued selling pressure. As long as it does not break the psychological level of 2,050 points, there is still room for a short-term downward move. Only after breaking through 2,100 points will bulls launch a full-scale rebound.
Key points for the day:
Tonight's 20:30 CPI data will determine the final direction for the week.
BTC Trading Suggestions: Short at 70,000-70,500, add positions at 71,000, stop loss at 71,700, take profit at 69,000-67,500.
ETH Trading Suggestions: Short around 2,050, stop loss at 2,090, take profit at 2,010-1,960.