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MAR 1, 2024

Weekly Market Review: In-Depth Technical Analysis

by Crypto Alpha

As part of our commitment to providing insight and market opportunities that can be exploited to generate potential profits, we bring you the weekly technical market review.
CRYPTO ALPHA TECHNICAL MARKET ANALYSIS REVIEW (SERIES)

PLUCKING THE SWEET LOW HANGING 69 FRUIT

$BTC ATH becomes a low-hanging fruit...
Marching forward, the bulls of crypto continue to assert their dominance, as they push prices beyond every resistance that stood their way. $BTC breaks above $64k, holding up gains above 48% YTD.
In our last publication, we anticipated a price reaction at the $55K resistance for a possible call to action. Price broke through $55k in a parabolic movement that cleared all short positions which served as buy-side liquidity that drove price beyond the $64k benchmark. $BTC is on a clear bullish momentum to attack the ATH which has held its price as the last line of resistance since November 2021. With the next $BTC halving less than 50 days from now, we believe that the price will extend it range to break past the ATH at $69K, for a price discovery that will factor in the bullish side of the halving effect.
Ethereum continues to move in tandem with Bitcoin after breaking past the psychological resistance that rests at $3K, this correlation may continue until the next ETH ETF proposal hearing which is expected to come up in May. $ETH printed a new high of $3522 before pulling back to $3300.
Are we seeing $4K for $ETH soon?

   “The market is a home of uncertainty (we should never lose touch with such reality), therefore we implore our subscribers to ensure that they protect themselves at all times, not risking/investing what they can’t afford to lose. Trading/investing can involve losing money. As much as we will try to create certainties in an uncertain market, we will only make a review and point out opportunities in the market when the odds are greatly skewed in our favor, it doesn’t mean we can’t be wrong sometimes.”  

Disclaimer

What does the chart have for us?

BTC DAILY
BTC Daily Chart
BTC Daily Chart
$BTC price is currently trading at $62K (as of the time of this writing). Any pullback/retracement from here should be met with a buy, on the daily timeframe $BTC price came out of a coil after consolidating beneath the $55K resistance which it broke in a surge that is attacking the ATH at $69K. All indications are pointing to the break of the ATH with a possible range extension to $75K. The halving is less than 50 days from now, and the tendency for an increase in volatility is on the high side. Futures traders may need to brace themselves for impact, as price may shake their approach/strategy with which they trade the market. Any short-term holder that wants to get into BTC for profit should consider the liquidity resting at $57K for a buy entry, targeting the ATH at $69K for a low-hanging fruit profit.
ETH DAILY
ETH Daily Chart
ETH Daily Chart
$ETH price breaks the $3K benchmark, meeting a clear resistance at the $3500 zone, we expect that the price will respect this level for a correction back to $2800 before any bullish continuation which should take $ETH to the $4K benchmark. The price of $ETH is currently trading for $3400 (as of the time of this writing), the $3500 zone may be the level where $ETH decouples itself from the correlation with $BTC. The final hearing of the ETH ETF proposal is expected to resurface by May with the first filings being unsuccessful.
Happy New Month to all our Alpha subscribers/readers!
The Bulls are marching forward!!!

Final Thoughts

Remember to trade in your own best interest, only commit what you can afford to lose. May the market go with us!
We may make a review of this publication as the market evolves...
If you need a further breakdown, inquiry, or analysis on any particular coin, feel free to email us (cryptoalpharesources@gmail.com).
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