Yueying: 3.20 Bitcoin and Ethereum Daily Market Analysis - Returning to the Range-bound Consolidation Pattern, Difficult to Break, Plus Short-term Recommendations

I am Zhou Yueying. Friends who enjoy my articles, please follow and check out today's insights!

Bitcoin Technical Analysis————

The daily chart of Bitcoin shows that the previous K-line closed as a bearish candle, with a false break of the midline followed by a recovery. The opening price intraday was near the midline and received support. The Bollinger Bands are moving upward with signs of volume contraction. The short-term moving averages are turning at an inflection point. The MACD fast and slow lines have broken above the zero axis and are now flattening. The volume bars are decreasing. The KDJ indicator is crossing upward, with support near the 0 level. The VR indicator is consolidating around the 120 level.

On the 4-hour chart, the price is supported near the lower band and has rebounded, breaking above the 7-period moving average but facing resistance and pulling back. The previous K-line formed a pin bar. Currently, the price is testing the support of the 7 MA. The Bollinger Bands are trending downward with an open state. The short-term moving averages are turning downward. The MACD fast and slow lines are moving downward and flattening. The volume bars are contracting. The KDJ is extending upward, with resistance near the 100 level. The VR indicator is consolidating around the 50 level.

Overall, this week’s market experienced a breakout but failed to sustain it, returning to the previous range. Currently, the upper boundary faces resistance. In the short term, Yueying believes that if the 72,000 level cannot be broken and stabilized, the market will continue oscillating downward. Even if a breakout occurs, bulls should remain cautious. The critical resistance is around 73,000; how the market breaks through here will determine how far the subsequent rebound can go. In the short term, focus on resistance at 72,000 and 73,000 levels, with support below at around 69,000. The midpoint of the range is near 66,000. Today is Friday, and there will be no updates over the weekend, so refer to the above resistance and support levels for short-term trading suggestions.

Bitcoin Short-term Recommendations: Short @71,300 (or short @72,800), Long @69,300 (or long @66,800) — Manage profits based on your strategy.

Ethereum Technical Analysis——

Ethereum’s daily and 4-hour technical patterns are similar to Bitcoin, linked for reference. Resistance above at around 2,200, then 2,300. Support below at around 2,050, then 1,930. Refer to short-term suggestions accordingly.

Ethereum Short-term Recommendations: Short @2,188 (or short @2,275), Long @2,090 (or long @1,980) — Manage profits based on your strategy.

——I am Zhou Yueying, a teacher dedicated to technical analysis. If any friends have questions about trading operations or market trends, feel free to discuss and learn together! Mutual exchange, mutual profit! #BTC #ETH