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Thursday, March 12th Midday Market Analysis. BTC and ETH continue to trade near the midline of the consolidation zone, but the daily volume is decreasing, and buying momentum is weakening. The key support levels are the daily midline at 68,000 for BTC and 1,980 for ETH. Breaking below these levels could trigger a third downward wave on the daily chart.
In the short-term 4-hour timeframe, BTC and ETH show a death cross trend, so caution is needed to prevent breakouts. The next two 4-hour candles are critical for determining the direction. The overall trend suggests shorting on rallies and riding the trend downward. Consider going long near the 1,950 level after a decline!
BTC Trading Strategy: Short around 70,000-70,500, with a stop loss at 71,500, and take profit at 69,200-67,500.
ETH Trading Strategy: Short around 2,040, add to positions around 2,080 with a stop loss at 2,110, and take profit at 2,010-1,960.