Daily Technical Analysis BTC, ETH On March 24- Is The Money Flowing Into DEFI?

BTC in the past few days continues to sideway in a falling wedge pattern, buying and selling volume still has no breakout. In terms of buyer psychology, this is the stage of hesitation, not knowing whether to buy or sell. In terms of shark behaviour, still trying to collect goods. As much as BTC pushes on the exchange, it will be bought as much. Let’s take a quick look at on-chain data:

NUPL is the most popular indicator used to know the unrealized profits and losses of market participants thereby determining the bottoms and tops of price cycles.

As the chart shows, the amount of interest is now nearing last year’s low of $28,000. However, it is not near the bottom of a previous cycle and if in the case of the market in a downtrend, the market has not experienced a real bottom of a cycle. The indicator is currently in yellow, showing that the most stubborn fry are also starting to sell and sharks will jump in to buy at this super nice price.

So with the current situation, this NUPL level coincides with the medium-term bottom. Clearly showing that we haven’t experienced a real bottom yet, there’s still going to be another big dump. But before that, we will need a full recovery and then a big dump. Thus, the increase at $42,000 has not yet reached the pump that meets this condition.

Exchange Reserve – All Exchanges continues to decrease, proving that the scarcity is gradually becoming clearer. Support short-term uptrend.

BTC Technical Analysis

BTC/USDT daily chart | Source: TradingView

Looking at the daily frame, we see that the price is still running in the wedge flag pattern, the side trend is still established.

BTC/USDT daily chart | Source: TradingView

With frames 4h and 1h the price is trading above EMA34 – 89 stable for an uptrend, H1 chart is showing signs of forming a 2 Top Pattern if it can’t break Resistance: ~$43,396, it will likely adjust to around $42,000.

So plan today BTC will sideway around $42,000 – $43,396.

ETH Technical Analysis

ETH/USDT daily & 1H chart | Source: TradingView

Both the Daily and 4-hour time frames show an uptrend. The price is trading above the 34-89 EMA at 4h with strong volume. ETH pooling happened a long time ago. Specifically, the green candle + high volume caused ETH price to break out of the triangle pattern. So the question is that the sharks buy ETH and related coins so that we have a good trading plan. In my personal opinion, when it comes to grade 1, we talk about DEFI. Let’s take a look at the top 10 DEFII rankings on coincu.com, we will see that defi has pumped a lot in the last 7 days.

Top 10 Defi

So this time, people often pay a little attention to DEFI to have the most objective view.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

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.

Alan

Coincu Ventures