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: 14:14, March 17th, Beijing time
Market Information
- Express News: It is expected that Bitcoin will adjust to $63,000, and altcoins and meme coins have reached a short-term peak;
- The CEO of Coinbase UK stated that the US Bitcoin ETF is a "milestone," while the UK's ETN is a "positive step";
- The Nigerian SEC seeks to increase the registration fees for cryptocurrency exchanges;
- JPMorgan raised Coinbase's target price from $95 to $150;
- The Hong Kong regulatory authority stated that the cryptocurrency exchange MEXC has been operating without a license.
Market Review
On Friday, it was mentioned that the market would decline, and typically there is not much market movement over the weekend. However, this weekend's market saw a straight decline. It was previously mentioned that the bullish trend was not as strong. After the article was published on Friday, both Bitcoin and Ethereum saw a small rebound, reaching the recommended levels. Those who entered the market made a small profit, while those who did not missed out. As long as one does not go long, there is no problem. Today, Sunday, the market will continue to decline, followed by the weekly close. This rebound can be considered as coming to an end, and a 2-3 month correction is expected to follow, before reaching $100,000.
Market Analysis
BTC:
Looking at the 4-hour chart, the current decline in Bitcoin has broken the previous short-term uptrend. The previous several declines were all broken through, and now the nearest support level on the chart is the previous area of concentrated chips. This area may provide effective support for Bitcoin and a chance for a rebound. However, I believe there is little chance of a rebound to break through the $73,881 level. Even if there is a rebound, it will only be a small one. Conversely, if this area is not held, and the lower point of $59,112 is broken, a deeper decline will be welcomed, possibly reaching around $51,500. Do not think that such a large decline will not occur in the current market. In 2020, Bitcoin rose from $3,621 to $64,986 on April 12, 2021, then fell for 2 months to $28,688, and then rose again from $28,688 to $69,198. This 2-month long correction, occurring in a bull market, does not mean the end of the bull market. Therefore, everyone should respect the market and believe that anything is possible. Returning to the current market, in the short term, Bitcoin should pay attention to the breaking of the concentrated chip area below, focusing on the $62,300 level. If the price reaches this level and forms a long lower shadow on the 4-hour chart, there will be a chance for a rebound. Otherwise, if the $59,112 level is broken, look for a drop to $51,500. For those who still hold short positions near the $71,000 level, continue to use a trailing stop to hold until around $62,300. For those without short positions, there is still room below. Consider entering the market with a light position, or wait for a decline before going long. Manage your risk in short-term trading, and take responsibility for your gains and losses.
ETH:
Looking at the 4-hour chart, Ethereum's trend is similar to Bitcoin's. The nearest support level below is also the area of concentrated chips. When the price reaches this range, observe whether there is a chance for a small rebound. Pay attention to the $3,400 level, as there is still a downward space of about 140 points. If $3,400 is not held, the market will likely fall below $3,205 to around $2,870. Ethereum's trend is relatively weaker, as it did not reach a new high during the recent rise, and the downward momentum is greater. For those who entered a short position near $3,850 and have not exited, consider exiting near $3,400. For those without short positions, there is still a 140-point opportunity to capture. Consider entering the market with a light position, or wait for a decline before going long. If the price forms a long lower shadow near $3,400 on the 4-hour chart, consider going long. Manage your risk in short-term trading, and take responsibility for your gains and losses.
In summary:
Both Bitcoin and Ethereum are expected to decline during the day, pay attention to the breaking of support levels, and the decline is expected to continue next week.
The article is time-sensitive, be aware of the risks, and the above is only personal advice, for reference only!
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