From the LBank blog.
$BTC is currently in a bearish trend, having closed in the red for two weeks in a row.
The support level to keep an eye on is around $22,000 and the MACD is showing a bullish divergence at the bottom while the KDJ is trending downward. The long-term sentiment is still negative, but the short-term sentiment is unclear.
Bitcoin has been trading above the $22,000 support level for three days in a row, according to the daily chart. The MACD is currently declining in volume, whereas the KDJ is beginning to rise. The Bollinger Bands have formed a triple standstill pattern, indicating that the overall trend is shifting bullish.
$BTC is approaching the EMA15 resistance point on the 4-hour chart, and the MACD is increasing in volume, indicating a bullish trend.
In contrast, the short-term trend for $ETH is positive. According to the daily chart, $ETH has been trading above the EMA60 for three days in a row, with a balance point at $1,550 and a support level around $1,510.
The MACD is currently indicating a drop in volume, with a slight bearish divergence at the top, and the KDJ is trending downward. The Bollinger Bands have formed a lower standstill pattern, indicating that a price consolidation is possible.
The 4-hour chart shows ETH testing the EMA15 resistance level, with the MACD indicating increased volume and a golden cross forming between the DEA and DIF. The KDJ is currently in a balanced stage, indicating that market sentiment is neutral with a sideways market trend.
Overall, the market is showing mixed sentiment, with $BTC’s long-term sentiment remaining bearish while short-term sentiment remains ambiguous.
In contrast, while $ETH’s short-term sentiment is positive, the overall sentiment remains neutral with a sideways trend. Traders should monitor support and resistance levels and use technical indicators like the MACD, KDJ, and Bollinger Bands to guide their trading decisions.
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Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/march-6th-market-analysis-from-lbank-derivatives-d7f910ace8ec?source=rss-87c24ae35186——2