Preface: Investment carries risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: March 10, 13:22 Beijing time
Market Information
Cryptocurrency concept stocks fell across the board in the night session, with Strategy and CleanSpark down over 8%;
Despite Trump's announcement of a reserve plan, Bitcoin volatility has still reached its highest level of the year;
Grayscale research director: Bitcoin's further appreciation does not rely on the U.S. cryptocurrency strategic reserve;
Trump: Will appoint a vice chairman for Federal Reserve supervision in the near future;
Texas's "Bitcoin Reserve Fund" will be used to hold cryptocurrencies with a market value of at least $500 billion;
Market Review
At the cryptocurrency summit held on Friday night, my expectations were too high, and the market's expectations were also too high. The highest point reached that night was at 91129, around 10 PM when the summit was held, which basically had no significant impact on the market. The long positions on Friday only yielded a profit of over 4000 points, not reaching near 95500. Those who timely set a trailing stop still made a small profit. I notified to reduce positions and set trailing stops offline. For those who did not take timely protective measures, including additional positions, the stop loss was close to 1800 points. The weekend market did not show a rally, and after some fluctuations, it declined. The opportunity for a significant rebound this week is slim, so be sure to take protective measures in trading;
Market Analysis
BTC:
From the weekly perspective, after testing the 80,000 support level, the weekly candle closed with a pin bar, and the market did not rebound. Last week's weekly close formed a large bearish candle. The market did not respond to Trump's announcement of Bitcoin as a reserve currency as it did in the past, leading to excessive expectations for this news. As a result, after the announcement, there was no rebound, and the market began to panic and sell off. Coupled with the overall poor economic situation in the U.S., the high prices will also increase the cost of driving the market up. A wave of liquidation is needed to lower the price before driving it up again. Considering the market situation and price trends, we will mainly focus on short positions this week. The key resistance level for Bitcoin is 86600, with entry points recommended around 84-85000. After entering, set the stop loss at 87000, and you can add positions along the way. The initial target is 79500, and if it breaks, look for 75000. Manage your entry opportunities, engage in short-term trading, control risks, and manage your own profits and losses;
ETH:
From the weekly perspective, Ethereum's decline is stronger than Bitcoin's. Ethereum has directly broken the 2100 support level, with the weekly candle closing as a large bearish bar and breaking below 2100, which can be considered an effective breakdown. The support has turned into resistance. Ethereum has entered the next dense area of chips below, and the next support level for Ethereum will be around 1560. In trading, Ethereum will also focus on short positions, with entry points recommended at 2100, stop loss at 2250, and targets set at 1800-1600. Manage your entry opportunities; engage in short-term trading, control risks, and manage your own profits and losses;
In summary:
Currently, Bitcoin and Ethereum are both in a strong bearish trend, looking for further declines;
The article is time-sensitive, be aware of risks, the above is only personal advice, for reference only!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
The root of all suffering is the pursuit of certainty. Impermanence is the norm and the way life should be. Always wanting to grasp the market, not acting on a 50% certainty, not acting on a 70% certainty, must wait for a 100% certainty—where is there a 100% certainty in the market? Trading is about trading risks, trying to make the odds stand on your side. Those who give love will receive love in return; those who bring blessings will receive blessings. Sometimes, learn to take a little loss, be a bit foolish, a bit clumsy. For example, if the market is bullish, once this is confirmed, don’t get too rigid with your position, lower your position a bit, and then get in first. At worst, it will reverse.
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