Mr. Crypto: Bitcoin (BTC) Market Analysis and Reference for March 12th

Mr. Coin of the Crypto Circle: Bitcoin (BTC) Market Analysis for March 12th - Bitcoin rebounded after testing the support level of 69,000 yesterday, and the subsequent gains continued, with the short-term trend consolidating again. Intraday, the price rose to around 11,320 before encountering resistance, continuing its wide-range fluctuation pattern. However, the short-term trend is quite volatile, with the price hovering in the 2,000-point range. Please manage your risk carefully. Looking at the short-term hourly chart, the Bollinger Bands are narrowing. The price pulled back after a long upper shadow at $71,320, and there is significant selling pressure above $71,500. The daily chart shows three consecutive days of gains, but the increases are decreasing, indicating a weakening of short-term upward momentum. Currently, the 1-hour chart shows a trading range between $69,500 and $71,150. The 4-hour MACD indicator shows a death cross signal (DIF crossing below DEA), while the price found support at the 4-hour EMA7 ($70,079). The pullback was not strong, and the lower support level has not been broken. Meanwhile, the 30-day moving average ($69,333) provides short-term dynamic support. The upper resistance level to watch is 71700, and the lower support level is the 68500-69000 area. Conservative traders can wait for a breakout and then follow the trend to capture profits. Bitcoin short-term reference for March 12th: Enter in the 71700-72700 range, add to the stop loss at 75000, stop loss at 500 points, target below 70500; Enter in the 69300-68300 range, target above 70300, stop loss at 500 points.