3.19 Evening Analysis

From the 1-hour chart perspective, the bearish trend has completely taken control. The downward channel is clear, with prices forming consecutive large bearish candles from the high of 74767.60 that have effectively broken below all short-term moving averages. The moving averages are in bearish alignment and continue to diverge downward, creating layer upon layer of resistance. Although there have been minor rebounds, their strength is extremely weak and they have consistently failed to break the previous highs. Further downward probes have occurred, and bearish momentum shows no signs of weakening.

The intraday low touched 69433.60, with the key psychological level of 70000 now lost. There is no obvious strong support below, opening up further downside space. Prices are hugging the lower Bollinger Band, with any rebounds being quickly knocked back. Market sentiment is bearish, short-term rebounds lack strength, and the probability of continued downward movement is relatively high.

Trading Reference: Follow the trend shorting. Monitor resistance at 70500-71000 above, and target support around 69000 below.

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