BTC#18: BTC plunges, destination and trading opportunities at th
🔥 So BTC has corrected. However, how much it has decreased, we will analyze it right away: 🔥
1️⃣ **Fundamental analysis:**
📊 Widespread Pessimism, Cryptocurrency Market Plunges Sharply
————
⚫Bitcoin and altcoins plunge: Bitcoin drops nearly 5% to $90,000, Ethereum loses more than 10% in two days, Solana drops 15%, Dogecoin drops 13%.
⚫The market is still affected by the $1.4 billion hack last week. Bybit announces compensation but Ethereum is still under pressure.
⚫Weak market sentiment: Many meme coins collapse, limited capital flows cause altcoins to lose value sharply. Solana under selling pressure as it prepares to unlock $1.72 billion in tokens on March 1.
⚫Crypto-related stocks also plunge: Coinbase down for six consecutive sessions, MicroStrategy down 5.7%, BTC mining stocks fall sharply.
🚀 MicroStrategy continues to buy BTC: The company bought another 20,356 BTC worth $1.99 billion, bringing its total BTC holdings to 499,096 VND (~$33.1 billion).
🛫Forecast: The downtrend may continue if market sentiment does not improve and cash flow does not return to altcoins.
2️⃣ **Technical analysis:**
🔹 **Frame D**: the bullish structure has been broken and turned bearish. Pessimistic sentiment covers the entire market so it will be difficult to see an immediate recovery
🔹 **H4 frame**: the bearish price structure is more clearly shown. The nearest resistance zone is 93x
🔹 **H1 frame**: the price line is still quite far from the horizontal or diagonal resistance zone, the current price has recovered a bit but the market sentiment is still hesitant about the Fibo 23.6 area as you can see on the chart
3️⃣ **Trading plan:*
⛔The current time is not suitable to catch the bottom of BTC, not only the market sentiment is pessimistic but the basic information has not seen any positive news for BTC. We will need to patiently wait for confirmation from the price line
✅ Priority at the moment. Currently is looking for a SELL position following the main trend. The sharp price drop will have a recovery adjustment but pay attention to stick to the price structure and do not be greedy.
💪 **Good luck trading!**
1️⃣ **Fundamental analysis:**
📊 Widespread Pessimism, Cryptocurrency Market Plunges Sharply
————
⚫Bitcoin and altcoins plunge: Bitcoin drops nearly 5% to $90,000, Ethereum loses more than 10% in two days, Solana drops 15%, Dogecoin drops 13%.
⚫The market is still affected by the $1.4 billion hack last week. Bybit announces compensation but Ethereum is still under pressure.
⚫Weak market sentiment: Many meme coins collapse, limited capital flows cause altcoins to lose value sharply. Solana under selling pressure as it prepares to unlock $1.72 billion in tokens on March 1.
⚫Crypto-related stocks also plunge: Coinbase down for six consecutive sessions, MicroStrategy down 5.7%, BTC mining stocks fall sharply.
🚀 MicroStrategy continues to buy BTC: The company bought another 20,356 BTC worth $1.99 billion, bringing its total BTC holdings to 499,096 VND (~$33.1 billion).
🛫Forecast: The downtrend may continue if market sentiment does not improve and cash flow does not return to altcoins.
2️⃣ **Technical analysis:**
🔹 **Frame D**: the bullish structure has been broken and turned bearish. Pessimistic sentiment covers the entire market so it will be difficult to see an immediate recovery
🔹 **H4 frame**: the bearish price structure is more clearly shown. The nearest resistance zone is 93x
🔹 **H1 frame**: the price line is still quite far from the horizontal or diagonal resistance zone, the current price has recovered a bit but the market sentiment is still hesitant about the Fibo 23.6 area as you can see on the chart
3️⃣ **Trading plan:*
⛔The current time is not suitable to catch the bottom of BTC, not only the market sentiment is pessimistic but the basic information has not seen any positive news for BTC. We will need to patiently wait for confirmation from the price line
✅ Priority at the moment. Currently is looking for a SELL position following the main trend. The sharp price drop will have a recovery adjustment but pay attention to stick to the price structure and do not be greedy.
💪 **Good luck trading!**
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน
การนำเสนอที่เกี่ยวข้อง
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน