Preface: Investment involves risks, please proceed with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 12:39, March 13th, Beijing time
Market Information
- Trump has secured enough delegate votes to win the Republican presidential nomination;
- Grayscale's share in the Bitcoin ETF market has dropped below 50%;
- Bitcoin miners' income reached $78.6 million on March 7, hitting a historical high;
- Citadel founder: Clear regulations are needed for cryptocurrencies to attract "big players";
- BlackRock's spot Bitcoin ETF IBIT currently holds 203,754 BTC;
- US February CPI rose by 3.2% year-on-year, higher than expected;
Market Review
Yesterday was March 12th, and the CPI data was also released in the evening. The impact of CPI data on the market is not significant now. The market is still dominated by bulls. Yesterday, we predicted a market decline, which did occur as a short-term decline. As expected, Bitcoin's decline reached a low point of 68,600, within our predicted range, without falling below 67,000. It then quickly rebounded, allowing short positions to exit with profits. Ethereum also experienced a decline, reaching a low point at 3,831, not breaking through 3,719, and rebounding after reaching our predicted target range. Short-term short positions also provided opportunities to exit with profits. As the short-term decline did not break through, the future market is expected to rise again.
Market Analysis
BTC:
Looking at the 4-hour chart, Bitcoin's decline yesterday did not break through the previous short-term low of 67,000, and then rebounded. There was a high chance of breaking through the historical high of 73,370 during the day session. There is now a profit space of 1,000-2,000 points for positions at current prices. Bitcoin is expected to move towards around 75,000 in the future. For those who have not positioned long, they can consider entering around 72,000 and target 74,000-75,000. After reaching this level, look for opportunities to short based on the trend. Trade cautiously and manage risks on your own.
ETH:
Looking at the 4-hour chart, Ethereum also rebounded after reaching the target range during the day session, without breaking the bullish trend. The decline was only slight. Looking at the day session, there is a high chance for Ethereum to refresh its high point at 4,098, with the expected level around 4,250, which is 200 points higher than the current price of 4,045. Friends without long positions can consider entering. The bulls are strong in the day session and will continue to rise. Trade cautiously and manage risks on your own.
In summary:
Bitcoin and Ethereum are expected to refresh their high points again during the day.
The article is time-sensitive, pay attention to risks, the above is only personal advice, for reference only!
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Opportunities are only meaningful when seized.
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