Macro Overview
Crypto Markets Overview
Top Tokens Update
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Mar 6 | 8:30 PM | US Fed Chair Powell Testifies | More dovish than expected is good for crypto |
| Mar 6 | 8:30 PM | US Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Mar 7 | 7:00 PM | US Unemployment Claims | Actual’ greater than ‘Forecast’ is good for crypto |
| Mar 7 | 8:30 PM | US Fed Chair Powell Testifies | More dovish than expected is good for crypto |
| Mar 8 | 7:00 PM | US Non-Farm Employment Change | Actual’ less than ‘Forecast’ is good for crypto |
| Mar 8 | 7:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Note: “Events in red font signify severe impact, while those in yellow indicate moderate.”
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral.
- This week has been exceptional for BTC, marking a new yearly high and breaking out of its range with a parabolic move. Currently, it’s stable between two significant levels: $64,000 and $58,680, serving as range highs and lows, respectively. As long as BTC consolidates within this range, the bullish trend remains intact. In the 2-hour timeframe, the 20-day EMA acts as a key support level. To set a new all-time high, BTC needs to surpass the important resistance at $65,500.
- Key support levels to consider are around $58,700, $57,650 (50EMA 4H) and $53,000. On the upside, resistance levels include $64,000, $65,500 and $69,000.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral .
- This week, ETH mirrored BTC’s trajectory but lagged slightly behind. It broke out of its range, reaching a new yearly high and is now stable. It’s currently positioned between two important levels: $3,175 and $3,500, serving as range lows and highs, respectively. Additionally, there’s strong support at the 20-day EMA in the 4-hour timeframe, providing bullish confirmation as long as the price remains above it.
- Significant support levels include $3375(20 EMA 4H) , $, $3175, and $3030, while resistance levels to watch are at $3500, $3830 and $3965.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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