Yueying: 3.23 Bitcoin and Ethereum Daily Market Analysis - Can We Still Go Long with Continuously Declining Support? Latest Trend Suggestions Attached
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Bitcoin Technical Analysis————
The Bitcoin rally mentioned in the previous article has moved approximately 1,300 points from the 67,500 level. On the daily chart, the previous two consecutive bearish candles did not continue at the open; instead, they found support at the lower band and rebounded. Currently testing the moving average, Bollinger Bands are flattening with signs of contraction. Short-term moving averages are trending downward, MACD fast and slow lines crossing downward with sustained volume expansion. KDJ turning upward, watch for resistance near the 0 level. VR indicator consolidating near 110. On the 4-hour chart, the price found support at the lower band, formed a pin bar and rebounded, currently facing pressure at the 7 MA with a pin bar close. Bollinger Bands moving downward in opening state, short-term moving averages trending down. MACD fast and slow lines slightly turning upward with volume switching between expansion and contraction. KDJ three-line crossover moving upward, watch for support near the 0 level. VR indicator consolidating near 50. Overall, after the weekend decline refreshed lows, Monday's open did not continue the downtrend but instead saw oscillation and consolidation. Yueying believes that although the current trend is dominated by bearish sentiment, the key support level hasn't broken so don't blindly chase shorts. Short-term can reference the previous lows. Upper resistance watch the 70,500 area, lower support watch the 67,000 area, followed by the 65,500 area. See short-term suggestions below.
Bitcoin Short-term Suggestions: Short at 70,300, Long at 67,300 (Long at 65,800) (Activate strategy and take profits at your discretion)
Ethereum Technical Analysis——
Ethereum's trend is relatively weaker than Bitcoin. Both daily and 4-hour charts have been revolving around the lower band, facing resistance and pressure at the 7 MA on the downside. Overall trend is correlated with Bitcoin and can be referenced accordingly. Upper resistance watch 2,150 area, lower support watch 2,000 round number level. If broken, watch 1,930 area next. See short-term suggestions below.
Ethereum Short-term Suggestions: Short at 2,120, Long at 2,015 (Long at 1,940) (Activate strategy and take profits at your discretion)
——I'm Zhou Yueying, a teacher focused on technical analysis. Friends with any questions on operations or trends, feel free to communicate and study together with me! Mutual learning, mutual profits! #BTC #ETH
