Weekly Market Update – 3-13-2023

BTC Overview (Long-term and short-term TA and Policy)

This week (3/6 – 3/12), the BTC price was meeting heavy resistance to the upside, falling below the $20,000 level. The market is expected to remain in the current price range for some time to come, and whether it can maintain the $20,000 level is a key point to watch. BTC continues to be volatile and easy to trade, but the downward trend in BTC has made it difficult to trade altcoins.

Sentiment has also been dampened by the closure of Silvergate Bank and Silicon Valley Bank, both of which are closely associated with crypto asset exchanges, as well as the instability of USDC, which is associated with the bank, to maintain its $1 peg.

Article Reference↓

↓ USDC/USDT daily chart

BTC Overview

↓ BTCUSD monthly candlestick chart

↓ BTCUSD weekly candlestick chart

In the price action through last week (2/27-3/5), I wrote in my article, “The March monthly leg is negative so far, but I still think there is a chance for a pin bar OR a positive leg.” However, this week (3/6-3/12), the monthly leg became a negative line, which necessitated a change or revision of policy. As I wrote in my January article, the price pushed to $20,000, and the key point to watch is whether it can defend $20,000 or not.

↓ BTCUSD daily candlestick chart

Looking at the daily chart, this price range is not only a likely place to be aware of $20,000, but also a likely place to be bought once the daily 200 MA (red line) is present, so I also took a trade on the short-term rebound here.

Looking at the left side of the chart, this $20,000 attack and defense is taking time to build a horizontal axis, so we should keep an eye on the possibility that the price will neither rise nor fall immediately and that a narrow range market will continue.

Also, altcoins were lackluster last week (2/27-3/5), but if BTC shows signs of reversing around this price range, buying altcoins over the next week or so is a pretty good option. However, since it is a bit weaker than before, you need to put in loss-cut orders and other measures to trade with a pullback. It may be a good idea to wait until after the Silvergate Bank and Silicon Valley Bank incidents mentioned at the beginning of this article have calmed down.

Continuing from a little while ago, the rise in $BTC has improved the overall market sentiment for crypto assets, making altcoins easier to trade higher.

From FR and other indications, the market is not yet overheated, and it looks good to stand long altcoin for a while.

The tips for trading altcoins should be reiterated. However, it is a pattern-association game, and once you get used to it, it is certainly easy to get used to. However, it is a pattern-association game, and once you get used to it, it is certainly easy to take advantage of. It is important not to jump on a rising stock, but to carefully observe what is rising in pairs with what. It is impossible to take all the pumps, so it is better to trade without overreacting.

(1) Altcoins which have not been listed on Binance for a long time and have not been cleaned up too much.

(2) Altcoins in the same genre as the altcoin showing a big rise in the recent past.

(3) Altcoins with high volume (if the board is too thin, stop orders are likely to be trimmed by the wicks)

(4) Position with the daily 200MA

Altcoins are attracted to the 200MA and show a big rise when the price crosses the 200MA)

You should trade with these four points in mind.