Yueying: Bitcoin and Ethereum Market Analysis on March 11 - Can the previous high, the upper edge of the trading range, be broken through again?
The short-term strategy given above for Bitcoin, shorting at 70800, resulted in a move of approximately 1600 dollars. Looking at the daily chart, the previous candlestick closed positive, breaking through the middle Bollinger Band and short-term moving averages. Intraday, the price opened higher but encountered resistance near the upper Bollinger Band. The Bollinger Bands are in a narrow, flat range, with short-term moving averages hovering around the middle band. The MACD fast and slow lines are extending upwards, with the volume bars increasing again. The KDJ indicator is crossing downwards but showing signs of turning around, and the VR indicator is consolidating around 80. On the 4-hour chart, the price broke through the upper Bollinger Band with consecutive positive candles but encountered resistance and retraced. The Bollinger Bands are slightly widening, and the short-term moving averages are turning upwards. The MACD fast and slow lines crossed upwards and broke through the zero line, with the volume bars decreasing. The KDJ indicator encountered resistance near 100 and turned downwards, while the VR indicator is consolidating around 110. Overall, the price is retesting the upper resistance of the previous trading range, and the probability of another breakout is high. Therefore, in the short term, focus on entering around the previous high. On the downside, watch for short-term support above 67800. If the price retraces but does not break below this level, consider entering a long position. For short-term trading, follow the above strategy and refer to the short-term suggestions. Bitcoin short-term suggestion: Short at 73200, Long at 68300 (Take profits as needed after strategy activation). Ethereum's daily and 4-hour technical indicators are correlated with Bitcoin's, showing a similar trend. It encountered resistance at the upper edge of the trading range and is pulling back for adjustment. The short-term strategy remains consistent with Bitcoin, focusing on resistance around the previous high of 2200 and support around 1920. Enter positions as long as the pullback doesn't break above these levels. Refer to the short-term suggestions. Ethereum short-term suggestion: Short at 2155, Long at 1970 (Click the image to see the homepage introduction for more cryptocurrency analysis). — I am Zhou Yueying, a teacher specializing in technical analysis. If you have any questions about trading or trends, feel free to discuss and learn with me! Let's exchange ideas and profit together!