Daily Technical Analysis On March 17: BTC, ETH, CELO – What makes CELO Increase 70%?
After the news of the Fed raising interest rates for the first time since 2018, BTC had a slight correction of ~3.31% and then there was a large volume pushing BTC back to ~$41,500. This shows that whether the Fed will raise interest rates or not will only have a very small impact on market sentiment, unlike the previous times when hearing the news that the Fed had a meeting, BTC price could immediately drop by 10%. We can see in the future if there is news from the Fed, BTC prices will not be affected too much.
Although the information gives a negative view of BTC in the past few days, the number of BTC withdrawn from the exchange for storage still increased strongly with the highest amount of -13.017k in nearly 2 months. Currently, the general spirit is still to buy as soon as there is a good price. Still believe in long-term growth.
BTC Technical Analysis
BTC/USDT daily chart | Source: TradingView
Considering the D frame closes above EMA34 and below EMA89, the downtrend is still established. Looking at the previous candlesticks, the market will have long and short kills, reducing futures orders before rising sharply. Everyone beware at this stage, there will be sudden drops before BTC hits $45,000 again.
BTC/USDT 4H chart | Source: TradingView
With 4h frame BTC is trading above EMA 34 & EMA 89 showing a medium uptrend, the bulls are trying to dominate with decent buying volume. The price will be able to drop candle beard 2 heads resistance and support zone $39,600 – $42,500, you should pay attention to these 2 points to buy and sell well today.
Signal 1h & 4h: Buy
ETH Technical Analysis
ETH closing above EMA 34 and below EMA 89 the uptrend is still not strong. With the market moving sideways and BTC not yet stable, ETH will have a stronger selling bias. The price of ETH is still running in the Bollinger band plus the 2 heads of BB does not extend the two ends. Eth will trade around EMA 34 today.
Signal chart 4h: Sell dominates
CELO Technical Analysis
After the Celo halved from the top we saw a price breakout, in our personal opinion, this volume doesn’t really come from retail buyers, especially at this stage of the market. Immediately after the price increase, the number of holders from earlier immediately took profits causing the price to drop 30% from today’s peak. If the Celo closes the candle above $3.7, it will break the nearest downtrend, otherwise, we will see the Celo $2.x again.
Besides, Celo has given positive information such as list of exchanges: Simplex, Bitget and Celo will list exchanges Upbit $CELO/KRW pairs at 16:00 KST today ( March 17).
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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.