Analyst Chen Shu: On March 12, Bitcoin and Ethereum continue to fluctuate in a narrow range, focusing on the breakthrough of the 70,000 pressure level.

From the daily chart of Bitcoin, the article yesterday suggested shorting Bitcoin at 71, after rebounding and entering the market, it dipped to around 69, with shorts capturing nearly 2000 points. The volatility range began to shrink yesterday, and the price rebounded to 71 before declining again. The support below to watch is 6.78, while the pressure level continues to focus on the 4-hour MA256 daily moving average around 70,000. Until this level is broken and stabilized, it should continue to be treated with fluctuations.

From the daily chart of Ethereum, it closed with a small doji yesterday, with support below focusing on the MA30 daily moving average around 1980, and the pressure level is similarly seen at the 4-hour MA256 daily moving average around 2080. In the short term, it is undergoing a fluctuating adjustment with a triangular convergence pattern, focusing on the breakthrough direction of this triangular convergence area.

Afternoon operation ideas (written at: 16:20):

BTC: Short at 70.5, increase short at 71.5 on rebound, target 69/68.5; below look for a 2000 point rebound at 6.78/6.65.

ETH: Short at 2070, increase short at 2130 on rebound, target 2020/1980; below look for a 100 point rebound at 1980/1900.

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