Old Veteran Says Coin on March 7th: BTC, ETH Today's Expected Market Trends, Will There Be a Major Drop Recently?

Market Review and Analysis

BTC's market kept correcting to around the support level of 107500 until early morning yesterday. The support range of 107-108 provided yesterday has been reached. After touching this position early in the morning, it rebounded to around 1085 before declining again. It now seems that ETH is holding up a bit better. This is equivalent to the market of altcoins compensating for the previous lack of upward correction, so it appears stronger. It hasn't experienced a significant drop due to BTC's decline, but this situation won't last long. As soon as BTC breaks below the 106000 level, ETH will start to flood and crash. The current market trend is obviously showing distribution; it’s just relatively slow and hasn't caused a significant drop that would panic the market. This indicates that there is still a certain amount of bullish sentiment buying in the market. Once this bullish sentiment ends or if the volume decreases again, even a slight distribution could trigger a large bearish candle's crash.

Today's Market Highlights Interpretation

BTC has formed an upward channel on the four-hour level. Currently, the support level in the 107-108 range has been touched once. We'll see if it can directly break this level down to the 106-107 range today, or if it will first break below 106 to create a large bearish closing candle. The resistance level on the intraday has already reached around 108500, so there’s no need to focus too much on the intraday level. We’ll just see if the current four-hour trend will continue to close with bearish candles, directly breaking below the 107 level to reach the 106-107 range.

ETH hasn't really dropped much today; it looks very strong, which is actually compensating for the rise of BTC. The resistance points at the intraday level are now between 2560-2580. Although it's holding up a bit, as long as BTC breaks down, altcoins will also decline. The resistance level at the intraday has formed, so pay attention to the support level at the intraday between 2450-2500. The effective support points at the intraday level are in the range of 2380-2450.