Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delayed publication, and the article is for reference only. Thank you for reading!
Time of writing: 15:05, March 18th, Beijing time
Market Information
- The remaining number of blocks until the Bitcoin block reward halving is less than 5000;
- The holdings of Bitcoin in 9 physical Bitcoin ETFs in the United States exceed 450,000 coins;
- ESMA Director in Europe: Russia is not covered by cryptocurrency regulatory rules;
- BOME Founder: Meme is art, it is the internet;
- Binance CEO: It is expected that the continuous inflow of funds into physical Bitcoin ETFs will push Bitcoin to break through $80,000.
Market Review
Yesterday, we expected the market to continue to decline, but the market rebounded before reaching the vicinity of 62300. The basic layout of the short positions was mostly swept away, and Ethereum's decline yesterday also did not continue to test the low point of 3400. A small rebound occurred from last night to today, but this rebound currently does not change the trend of Bitcoin starting to decline this week. The upward movement lacks strength, and a signal for shorting Bitcoin has also appeared. As mentioned yesterday, the market does not always rise in a bull market or fall continuously in a bear market. The market fluctuates back and forth, and one-way trends are rare. For trading this week, it is recommended to take high short positions.
Market Analysis
BTC:
Looking at the weekly chart, Bitcoin currently shows a bearish signal on the weekly chart, pulling up to a historical high and then closing with a top doji. Everyone should know that this kind of closing belongs to a strong bearish trend, indicating a bearish signal. Although the market is still dominated by bullish sentiment, based on the performance of last week's market, there has been some resistance to the upward movement. Even in a bull market, there will be a pullback. As mentioned yesterday, there was a pullback in 2021, and the point at which Bitcoin started to pull back this time is likely to be relatively deep. However, a deep pullback does not mean the bull market has ended, it can only be considered a normal pullback. The expected pullback range is 44700-37800, and this pullback will not happen in just one or two days. It may take 3-4 months to unfold. Everyone should mentally prepare for this expectation. The market will only reveal the result once it unfolds. Bitcoin is currently continuing to rise, seemingly reaching a bottleneck. To break through $100,000, more funds are needed. There is a good chance that Bitcoin will drop to absorb more funds before starting to rise again. Although the Bitcoin halving is considered bullish, the current market has already risen so much that the bullish news may have been priced in early. When the halving actually occurs, the increase may not be as significant. These are some personal insights for this week and the future market. I hope it is helpful for everyone. In the spot market, it is recommended to take high short positions near 69500, with a target around 62300. Enter the market at your own discretion. For short-term trading, manage your risks and take responsibility for your gains and losses.
ETH:
Looking at the weekly chart, Ethereum has not broken the historical high of 4877. Ethereum did not continue to rebound after reaching the pressure point near 4050, and the weekly chart closed with a bearish candle, breaking the previous 6 consecutive bullish candles, indicating that the 4050 pressure is currently effective. Bitcoin also closed with a doji at a high level, indicating a high chance of a rebound in the future. The expected pullback range is 2100-1580. Everyone should mentally prepare for this expectation. Ethereum's upward momentum is not as strong as Bitcoin's, but it may not lose to Bitcoin when it comes to a downturn. For the next few months, Ethereum is expected to start declining similar to Bitcoin. This is for your trading reference. For short-term trading, maintain a high short position mindset for Ethereum, with a recommended entry point near 3725 and a target to first look at 3400, then look at the breakthrough below. Enter the market at your own discretion. For short-term trading, manage your risks and take responsibility for your gains and losses.
In summary:
Both Bitcoin and Ethereum have shown bearish signals, and the market will start to decline in the future.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
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A good opportunity is one that you understand how to seize at a glance, rather than staring at the computer for an afternoon, still unsure whether to go short or long.
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