Zhao Qinchuan: The overall market was weak on Sunday, and whether the weekly trend will reverse is the key focus.

CN
7 months ago

Market laws, twists and turns, reincarnation, internal cultivation, external practice, the road ahead is long. Doubt can filter risks, but it can also lead to missed opportunities. To seize opportunities, one must be brave enough to try. Different attitudes towards life yield different results. Without great ambitions, even with the help of influential people, one will ultimately achieve little. Countless difficulties are not insurmountable; a successful investor's story is actually a history of learning and growth. The journey may be tough, but don't forget the original intention, and you will eventually succeed.

2024.3.31 BTC/ETH————————

Bitcoin was weak over the weekend. Normally, the daily line fell below the 69800 level, meaning that if the price cannot stay above 69800 during the day, the subsequent price may test the support level of 67800. Therefore, the high and low of the price when the daily line closes on Monday will determine the overall trend for the next week, or the bullish and bearish trends on the daily line. The overall trend of Bitcoin's four-hour candlestick chart is a converging triangle, and it is understandable that the Bollinger Bands are flat when there is no price fluctuation. The support at 68500 on the four-hour chart remains effective on Sunday, and a strong resistance has formed at the 71800 level. Therefore, the overall range is 68500-71800, and it is recommended to consider selling high and buying low within this price range on Sunday.

Although Ethereum strengthened somewhat yesterday, the current trend is still not optimistic. It is an undeniable fact that Ethereum is bearish on the daily line. Although the resistance at the 3630 level has moved up over time, if it cannot break through and stay above 3540 during the day, there is a high probability of a decline on Monday. In the short term, the price on the four-hour chart is in a Bollinger oscillating market, and the bullish and bearish trends are not very clear. It is recommended to focus on the range of 3430-3630 during the day and trade cautiously within this range. The weekend market tends to be volatile, and the pre-buried orders are not publicly available on the entire network. I will notify the team members in real time.

This article is exclusively written by senior analyst Qin Chuan, who has been researching the investment fields of Bitcoin, Ethereum, contracts, spot, gold, forex, and stocks for many years. Currently, he mainly guides contract operations, with a solid theoretical foundation and practical experience. He is good at combining technical and fundamental analysis, emphasizes capital management and risk control, and has a steady and decisive operating style. He is widely recognized by investment friends for his amiable and responsible personality and decisive operations. For more real-time investment strategies, trading techniques, operational skills, and knowledge about candlestick charts, please follow the public account: Zhao Qin Chuan.

Disclaimer: The above analysis represents the author's personal views and does not constitute specific operational advice. Trading based on this information is at your own risk. Investment carries risks, so please be cautious when entering the market.

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