March 10th Market Analysis from LBank Derivatives
Bitcoin
Bitcoin (BTC) is currently trading around $20,080 with a five-consecutive bearish trend on the four-hour candle chart.
The bears are gradually gaining momentum and have broken through the $20,000 psychological support level. We should watch for a close below the $20,000 level on the four-hour chart to see if it is a valid break.
The price has reached an important support level, and a rebound is expected in the short term. The candle’s long lower shadow indicates a temporary bottom and rebound. The bears are gradually decreasing their positions, and after a big drop, the market is expected to go through a period of oscillation and recovery.
It is important to pay attention to the release of non-farm data and trade accordingly. The support levels are $19,800–$19,300.
ETH
In comparison to $BTC, Ethereum (ETH) has a slightly stronger overall structure. It is currently trading around $1,428, with a bearish trend on the four-hour MACD chart.
The MACD lines have crossed down and the MA trend lines are diverging downwards, indicating a strong bearish trend. The neckline position has broken, and the trend is continuing downward.
A short-term double bottom has formed with a rebound, but the momentum is not strong. The support levels are $1,400–$1,370.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
