3.17 Cryptocurrency Morning Market Analysis:
Today's key analysis focuses on the market trends of BTC and ETH. First, let's look at the daily chart of Bitcoin; it is currently in a stage of building momentum. The price has completed multiple rounds of oscillation within a narrowing box structure and has recently just started a technical rebound. It is worth noting that the short-term moving averages have crossed above the long-term moving averages, forming a golden cross arrangement, while the MACD red bars continue to extend, although the volume support is somewhat lacking. Despite the hourly level breaking downward channel resistance, the risk of a top divergence in the weekly MACD has not dissipated, and there remains a need for a pullback confirmation in the short term. It is recommended to maintain a bearish outlook and wait for a rebound opportunity to enter.
The movement of Ethereum is linked with Bitcoin, completing three rounds of oscillation in the 1800-2000 range, with volume showing a stepwise decline, and the mid-band of the daily Bollinger Bands is gradually becoming a resistance. The current rebound structure is nearing its peak, and caution is needed regarding the selling pressure from profit-taking by bulls.
Operational Suggestions:
Bitcoin (BTC):
Establish short positions in the 83500-84000 range
Primary take profit level: 82000
Key support psychological level: 80000 integer defense line
Ethereum (ETH):
Look for opportunities to enter short positions in the 1920-1940 area
First target level: confirm the previous low at 1850
Ultimate defense level: 1760 weekly support
Key Points:
News Impact: Price increases driven by news are difficult to sustain, and there are clear signs of the market makers taking profits.
Technical Signals: The hourly candlestick has broken down, and the rebound lacks strength, making short-term weakness hard to change.
Market Sentiment: Bulls are cautious and lack confidence, and the subsequent trend still needs close monitoring.
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What do you think?
Can Bitcoin stabilize and rebound? Feel free to share your views!
