Preface: Investment carries risks, and operations should be conducted with caution.

Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!

This article was written on: March 12, 12:22 PM Beijing Time

Market Information

1. There are 8 days left until the Federal Reserve's interest rate decision, with a 4% probability of a 25 basis point rate cut in March;
2. Senator Lummis stated, "The Bitcoin bill is our solution to the national debt problem and the future of American prosperity.";
3. The House voted to repeal the controversial IRS cryptocurrency tax rules and submitted the bill to Trump;
4. Standard Chartered Bank stated that Bitcoin's decline is related to the stock market, and recovery depends on a potential shift by the Federal Reserve;
5. Texas lawmakers proposed a bill to purchase up to $250 million in Bitcoin and cryptocurrencies.

Today is March 12, a memorable day in the crypto world. On March 12, 2020, Bitcoin dropped from 8000 to 3800 in one day, a decline of about 50%. Other cryptocurrencies were not spared either. To this day, we must always remember to respect the market;

Market Review

Yesterday, we mentioned that if the market found support below, it would rebound. Bitcoin's lowest point after the article was published was at 79026, just in time for us to enter. After entering, the market began to rebound, reaching a high of 83741, which is close to our first target of around 84000. A short-term long position of 4000 points is basically secure. Ethereum's lowest point was 1839 last night, with a pullback point at 1962. The pullback strength of Ethereum is still a bit lacking. Those who exited with Bitcoin also made a profit of a few hundred points. For those who did not exit, they are currently at breakeven with a small profit and can consider exiting. Congratulations to friends who followed the strategy in the article and made a small profit;

Market Analysis

BTC:

From the daily chart, Bitcoin's daily closing price has returned above the 79500 support level. After the rebound, it faced resistance above, with the 200-day moving average pressing down. After reaching around 83500, it experienced a slight decline in the morning. The market is under pressure and will likely see a slight decline before attempting to rally again. The support below remains around 79500, and there is still a space of 2500 points. Those looking to catch this pullback can consider a light short position, with a stop loss above 83500. After reaching around 79500, one can consider a long position based on the 4-hour closing. If the market touches 79500 and closes above it, a long position can be established. Conversely, if it does not close above, one can remain cautious. Recommended entry point is around 79500, with an additional buy at 78000, stop loss at 77000, and target looking for a breakthrough at 83500, aiming for 86000. This is similar to yesterday's trading strategy; manage your entry opportunities, engage in short-term trading, control risks, and manage your own profits and losses;

ETH:

From the daily chart, Ethereum's rebound strength is slightly weaker compared to Bitcoin. Throughout this entire bull market, Ethereum has shown this pattern—struggling to rebound and leading in declines. The highest point of the long position set around 1850 yesterday yielded just over 100 points in profit. Those who have not exited yet are basically at breakeven with a small profit. There will be a chance for a decline during the day. Those who took long positions yesterday can consider exiting at breakeven. In the future, wait for Bitcoin to set long position points before synchronizing with Ethereum. Recommended entry point is around 1780, stop loss at 1680, and the target remains around 2100. Those looking to short can manage their entry points and set appropriate stop losses; engage in short-term trading, control risks, and manage your own profits and losses;

In summary:

Bitcoin and Ethereum will have pullback opportunities during the day, and after the pullback, one can consider establishing long positions;

The article is time-sensitive, be aware of risks, and the above is only personal advice for reference!

Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;

If you don't like it, you must have your own standards for what you like. All negativity is the opposite of positive perception. The matter itself is not important; what matters is what changes you can achieve through it and what impact it can have! Some prefer a one-sided market, some prefer volatility, some excel in upward trends, while others are obsessed with downward trends. No one is absolutely right, and no one is absolutely wrong. If you don't like it, it may not meet your standards. What you cannot do may be what others excel at.

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