Crypto News
March 23 Hot Topics:
- The net outflow of spot Bitcoin ETF was $51 million yesterday, marking the fifth consecutive trading day of net outflow.
- GBTC saw another outflow of $170 million yesterday.
- The US SEC once again postponed the decision on the Grayscale Ethereum futures ETF.
- US SEC Chairman: The crypto market needs "disinfection."
- Galaxy Research Director: It is highly unlikely that the spot Ethereum ETF will be approved in May.
Trading Insights
Breakthrough Section
- It is crucial to closely follow the breakthrough in the sideways market and set stop-loss at the breakthrough price.
- Once the trend changes, decisively reverse the position.
Trend Section
- Long-term perspective should focus on weekly and monthly charts, and the key is to enter at the turning point.
- Once the trend is established, do not change it lightly.
Oscillation Section
- When short and long moving averages entwine, observe the range of upward and downward movements.
- Have stop-loss for selling high and buying low, and eventually, the price will break out of the range.
Information Section
- Distinguish between true and false information, as technical trends encompass both.
- Ignore external noise and focus solely on observing signals.
Mental Attitude Section
- It is difficult to grasp the intraday fluctuations, and chasing highs and lows is futile.
- The right path may be rough, but the people prefer shortcuts. Long-term investment is not a laughing matter.
It's difficult to sleep at night when going against the trend with heavy positions, but having a relaxed mindset with light positions in the direction of the trend. Long-term survival is better than windfall profits, seek stability for profitable gains.
Search for the public account: "Big White's Coin Analysis"
BTC
Analysis
The overall trend of Bitcoin is inclined towards oscillation. Yesterday, it reached a high of 66,630 and then fell back. Although there were rebounds, it failed to stabilize and fell again, with the lowest support at around 62,300. Currently, the price is running near 63,520. On the four-hour chart, the market has been continuously declining and testing the support of the MA200 moving average. Although there were rebounds, it was suppressed by the MA7 and fell again. The MACD has formed a bearish crossover and is still in demand for a downward trend. If it falls below the MA200, there is a risk of retesting the previous low. Looking at the daily chart, pay attention to the support at 60,000 and be cautious. If there is a rapid decline, consider replenishing positions in batches. If it stabilizes above 60,000, it is expected to make a new high after the adjustment. Continue to hold a low position. The resistance above is at 64,500-65,800, and the support below is at 62,500-61,500.
ETH
Analysis
The trend of Ethereum is once again affected by the overall market and has fallen. Yesterday, it reached a high of 3,540 and was resisted, falling to around 3,250. The rebound was not strong, and it failed to break through the 3,360 level multiple times. Currently, the price is running near 3,287. On the four-hour chart, it fell again, and the resistance above is obvious. The MACD has turned bearish and formed a bearish crossover, indicating a bearish trend. If it falls below 3,200, there is a possibility of retesting the previous low. As long as it holds the 3,000 support, there should be no major issues. In the short term, do not rush to enter long positions as the downtrend has not stopped. Looking at the daily chart, the MA7 is extending downwards and forming resistance, and the MACD is running bearish with both lines forming a bearish crossover. The trend is weak with a downward risk. The possibility of a large drop in the short term is not high. It is still recommended to focus on long positions in the long term. For short-term trading, do not expect a large price range. The resistance above is at 3,360-3,450, and the support below is at 3,250-3,160.
Disclaimer: The above content is for personal reference only and does not constitute specific trading advice, nor does it bear legal responsibility. The market situation changes rapidly, and the article has a certain lag. If there is anything you don't understand, feel free to consult.
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