On April 10th, South Korea will welcome a legislative election that takes place every four years. Prior to the election, the current ruling party and the opposition party have both promised to approve a Bitcoin ETF. (The approval of ETFs in the United States, and the increasing number of countries following suit, is an inevitable trend. Australia opened the first ETF in 2003, and after the approval in the United States in 2004, it blossomed worldwide.)
It is well known that young people in South Korea are crazy about trading Bitcoin. As early as 2021, the trading volume in the cryptocurrency market exceeded that of the stock market. In the peak period of 2021, 1 out of 10 people participated, with an even higher proportion of young people, with one out of every five young people participating.
Behind the enthusiasm of South Koreans for trading cryptocurrencies is the fanatical speculative psychology derived from the despair of ordinary people for social mobility. South Korean young adults carry heavy burdens, with each burden making it difficult for them to breathe, under an economic development model dominated by large corporations and conglomerates. The pressure of education, class solidification, employment, and soaring housing prices are all pressing down on the young people. Therefore, they decisively bet on cryptocurrencies.
Bitcoin
It is currently testing the support at 50625 within the box, and the short-term trend is weak, coupled with the sluggish weekend trading volume. Pay close attention to the support. The daily MACD is at the zero axis, the OBV indicator is in an outflow state, the RSI has fallen out of the oversold zone, and the first net outflow of ETF on the 21st should still be noted for the risk. If it falls below 50625, there is a chance to retest the gap at 47800-48500. On the daily chart, there are three patterns: an ascending wedge and an ascending channel, both indicating a demand for a pullback. We also need to pay attention to whether 49000 will experience a false breakthrough.
Ethereum
On the daily chart, it has fallen back below 3000 after testing it four times, and is under short-term pressure. The pullback still provides an opportunity to add positions. In March, there is still an opportunity for related varieties to upgrade in Cancun, with a gap to watch at 2680-2800. The AI sector saw a huge increase yesterday due to the impact of NVIDIA's performance, but it is not advisable to chase high in the short term. AI artificial intelligence is still worth paying attention to, and in the short term, sector rotation can focus on the DEPIN and RWA sectors.
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