March 1st Market Analysis from LBank Derivatives
Bitcoin
$BTC is still in a sideways trend this week. The weekly chart has been oscillating around the opening price, with the MACD showing a strong uptrend but facing resistance.
Additionally, the KDJ is showing a downward trend with upward resistance. The upward trend is not strong, and the daily chart is also oscillating around the Bollinger Band’s midline.
The KDJ wants to move upwards, but the resistance is holding back the price. The 23,600–23,800 levels are currently being watched as a potential resistance level. The MACD is showing a decreased volume downtrend, and there is a divergence in the market.
Ethereum
Similarly, $ETH’s weekly chart has a strong support level at 1,560 along with the KDJ’s strong pressure and the MACD’s bullish trend facing resistance.
The overall range of consolidation is significant. The daily chart for $ETH is currently standing at the Bollinger Band’s midline at 1,615 with a sideways correction.
The KDJ is expected to form a golden cross soon, but the MACD’s decreased volume support point is being watched at 1,600. The 4-hour chart has broken through the high EMA level, and the MACD is showing a strong uptrend, but the KDJ’s golden cross formation is strongly resisted.
Overall, both Bitcoin and Ethereum are showing a similar trend of sideways consolidation, with resistance levels holding back any significant upward movement. The market is showing signs of divergence, and traders need to be cautious in their approach.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
