International financial market situation:
Today, everyone is paying attention to Wednesday's CPI data, and the U.S. Small Business Confidence Index for March will also provide us with more information about the state of the business. The geopolitical situation may also escalate, so everyone should keep an eye on it. The U.S. stock market closed mixed, with Nvidia and Apple falling among technology stocks, but Google and Tesla rising. Now before the market opens, Nvidia and Google are both rising. Cryptocurrency stocks are somewhat depressed before the market opens because of Bitcoin's volatility, but there is still time to adjust before the U.S. stock market opens. Asian stock markets, including Nikkei, A shares and Hang Seng, have also made preparations in advance because of the stability of the U.S. stock market, and rose slightly during the day.
Global stock markets are waiting for the Fed's CPI data on Wednesday. Although the US dollar index has gradually weakened, it is still strong compared with other currencies. The US dollar rose slightly against the RMB and the Japanese yen, while the Japanese yen remained flat against the RMB. The 10-year US Treasury yield fell, currently at 4.397%, which is still a little distance from the high interest rate warning line of 4.5%. The ETF market closed up and then fell slightly. Today's focus is on the geopolitical situation. The situation between the two sides is tense, and the United States and its allies have suspended their support for Israel. The international gold price rose, and the risk aversion stimulated the market. International crude oil remained strong at $90. If the situation worsens, oil prices may rise. The Bitcoin futures index is quoted at 70,850, maintaining a positive premium with the spot, and bullish sentiment is cautious. Bitcoin's trend has stabilized after retreating, and the market is waiting for the data to be released. If it continues to stabilize, it will be a good opportunity to change hands.
Market analysis:
BTC rebounded on Monday and hit the resistance level before falling back. It is now stabilizing above 70,000. The daily Bollinger Bands are gradually shrinking. If they stabilize above 70,000, the probability of a breakthrough upward will increase.
The current macroeconomic impact has depressed market sentiment. The short-term resistance levels are 72,300, 72,600, and 73,000. A breakthrough depends on the next resistance. If the weekly resistance of 77,300 is touched, a big rise may be ushered in.
Currently, Bitcoin has stabilized near 70,000. The technical support below has formed an effective range due to the compression of the Bollinger Bands, but the support effect has weakened. Pay attention to the effective break and rebound during the day, and ignore this support level for the time being.
BTC’s three key support levels are:
The first support, 69,000-70,000, short-term, general support. Formed by multiple technical indicators.
The second support, 68,500, is relatively strong in the short term. This is the support provided by multiple technical indicators on the daily and weekly charts, which is crucial to the short-term price trend.
The third support, 66,500, is also very strong in the short term. Supported by the monthly line, if it falls below, the downward pressure will increase.
Last week, Bitcoin did not fall below the key support level and rebounded after stabilizing. The technical outlook is still optimistic. Although the price has fallen, it has stabilized above 70,000. The upward movement of the oscillation range and the increase in turnover are conducive to short-term bottoming and rebound. The RSI strength index fell back to 60, and investor sentiment was buffered. The continued decline of the index may trigger buying power.
That’s all for today’s market analysis. If you want to know more, or if you are a newbie and don’t understand, you can check my pinned post or click →Direct Link. You are welcome to discuss with me.
