Bitcoin and Ethereum Market Analysis for March 17th: Key Points for BTC and ETH Today
Market Review
BTC continued its upward trend yesterday, exceeding expectations, but without any significant positive news. The overall trend remains bearish (long-term). The 4-hour chart shows a slight reversal of the bearish divergence pattern, and the resistance above 73,000 has weakened after the breakout. The daily chart shows nine consecutive bullish days, awaiting a change in trading volume. A pullback is more likely, and the weekly chart suggests a period of adjustment.
Bitcoin (2) rose in tandem with BTC ( 1), breaking the previous bearish divergence pattern. After breaking through 2200, resistance above weakened. We await stabilization before considering further action. The daily chart suggests consolidation, while the larger timeframe remains bearish.
The altcoin sector is undergoing a slight consolidation following the mainstream trend, but overall liquidity remains poor. It's advisable to wait for the altcoin market to stabilize before making any decisions.
Intraday Market Analysis
BTC is above the healthy range on the 1-hour and 4-hour charts, while it has returned to the healthy range on the daily chart. Intraday consolidation is expected, with support at 72200-73000 and resistance at 75500-76500.
ETH is above the healthy range on the 1-hour and 4-hour charts, and has returned to the healthy range on the daily chart. Intraday consolidation is expected, with support at 2200-2270 and resistance at 2370-2430.
