Yesterday, the focus of the market undoubtedly centered on the minutes of the Federal Reserve meeting. Although the interest rate was maintained, the expectation of three interest rate cuts within the year stimulated the rise in coin prices. After several days of continuous pullback, Bitcoin also saw a strong rebound yesterday, with the daily chart reclaiming the previous day's decline. In the analysis last week, it was predicted that the coin price would experience a pullback in the short term after facing pressure above 73500. From the high point of 73850 to the low point of 60766 yesterday, the decline was over ten thousand points. How to view this decline, whether it is a pullback of the daily trend or a reversal, will be crucial, and yesterday's bullish candle will play a crucial role.

First of all, such a significant decline is inevitably due to the previous rapid rise. However, a rational analysis shows that since 2024, Bitcoin has risen by over 30,000 points, almost doubling in value. Therefore, the recent significant pullback is also a normal phenomenon. If it is assumed that the coin price has already peaked, there is not enough convincing reason to support this. From the daily chart, the lowest point yesterday was 60766, which is basically the key support level for the daily pullback. After touching this level yesterday, the coin price rebounded, directly shaking off the recent decline. Looking at the daily chart, the key focus is on the resistance-turned-support level around 69000. If yesterday's rebound can stabilize the price at this level again, the next move is likely to be bullish. In the short term, the hourly chart shows a V-shaped bottom, currently oscillating around the 68000 level. The short-term resistance levels above are at 69000-70000, and there is a high possibility of testing these levels intraday. The short-term support level is around 66700, which is likely to be tested intraday for a long position.

In the morning, it is recommended to go long for a rebound to 66700-67000, with a target above 69000.

Ethereum, relatively speaking, has experienced a more significant pullback in recent days. After facing continuous pressure above 4090, it underwent a deep decline and directly broke through the previous low of 3176 on March 5th. From a technical perspective, a large bearish candle formed on Tuesday, and the price broke through the low in a solid form. Yesterday's bearish sentiment was successful, and the price directly tested 3051. However, the minutes of the Federal Reserve meeting saved the bulls. Nevertheless, looking at the downward trend from 4090 to 3150, although there was a rebound yesterday, it can only be seen as an adjustment within this phase of decline. Whether it can completely reverse the short-term situation and form a second rebound will depend on the continuity of yesterday's rebound. Currently, the daily resistance and short-term pressure are at 3650. If the rebound continues, this level will be the key position to test first. The support below on the hourly chart is at 3470, and it is recommended to go long for a rebound to this level in the morning.

In the morning, it is recommended to go long for a rebound to 3450-3470, with a target at 3650.

This article is an original analysis by the author, Xiaofeng. The above analysis is only a personal opinion and is for reference only. Investment carries risks, and entering the market requires caution. Please indicate the source when reposting! For more analysis and recommendations, please follow the public account: Xiaofeng's Coin Analysis!

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