3.30 Ethereum and Bitcoin Market Analysis and Trading Ideas
The weekend's sideways pattern was broken by the early session, with Bitcoin and Ethereum quickly plunging, touching around 64900 and 1936 respectively, before rapidly rebounding, resulting in a long lower shadow candlestick. The strong support below provides technical support for the subsequent rebound. The 4-hour candlestick chart also recorded a long lower shadow, with significant buying interest following the sharp decline, indicating a short-term easing of selling pressure. The daily candlestick chart shows consecutive large bearish candlesticks accompanied by massive trading volume, with the market still in a phase of panic selling and dominated by bears. However, the latest daily candlestick with a lower shadow also suggests that the downward momentum is weakening in the short term.
From a technical perspective, the 4-hour MACD dual lines are below the zero axis, with the DIF and DEA forming a golden cross, and the histogram turning red, signaling an oversold rebound. This pullback's low point conveniently stabilizes near the previous key box support levels (Bitcoin 64500, Ethereum 1930), indicating a potential trend reversal.
Early session trading reference:
Bitcoin: 65500-66000 long, target 67500-68500
Ethereum: 1960-1980 long, target 2050-2100