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MAR 7, 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)

WHAT COMES AFTER 69?

Did we pluck the forbidden fruit?
In our previous assessment, we foresaw $BTC seizing the opportunity presented by the easily attainable low-hanging fruit target of $69K. On Tuesday, a surge engulfed the entire crypto market, propelling it slightly beyond its all-time high (ATH), with numerous coins reaping substantial double-digit profits. The news broke that the BlackRock iShares Bitcoin ETF (IBIT) absorbed over $778 million worth of Bitcoin ($BTC), prompting BTC's price to skyrocket to surpass its ATH at $69K. Presently, the total crypto market capitalization stands at $2.50 trillion, marking a remarkable 53% increase over the past 30 days. This surge not only signifies the dominance of bullish sentiment in the market but also underscores the significant interest of major institutions injecting liquidity into the market.
Since the introduction of Bitcoin ETFs on January 11th, IBIT has consistently maintained its status as the most favored option, managing assets of around $12 billion, which stands as the highest among its competitors. Following closely, Fidelity's FBTC trails behind with $7.2 billion in assets under management. Furthermore, overall ETF volumes soared beyond $10 billion on Tuesday, surpassing the previous week's record.
The market saw a sharp rejection at the $69K resistance, dropping back to as low as $59K while altcoins reacted more aggressively by giving up to -50% from their opening price on Tuesday.

     “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 trading at $66,700 (as of the time of this writing). The last line of resistance at $69k may take some while before we eventually break out of it. The BTC halving is expected to happen in approximately 45 days from now, although the event still signifies the presence of bulls in the market and even more bulls to come but the price action suggests that there will be pullbacks/retracement from $69k region back into the liquidity level at $54K. The $69K is a take-profit zone, while below the $55K area is for loading up more $BTC for a bullish continuation into new ATH.
ETH DAILY
ETH Daily Chart
ETH Daily Chart
Contrary to our expectations that $ETH will decouple itself in our last review, $ETH surpassed the resistance at $3,500 while it continue to move in tandem with $BTC. $ETH is currently trading at $3,900 (as of the time of this writing) slightly below the psychological resistance at $4K. We anticipate some substantial profit taking from long-term holders that may be the catalyst for a retracement back to the liquidity sitting at $2,900, before any further bullish continuation. Interesting times lie ahead for $ETH as the hearing for another filing for its ETF proposal from BlackRock draws nearer.

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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