Market Update: BTCUSD & ETHUSD – Mar 8th, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
BITCOIN – BTCUSD: Price Moved Lower From Inside Bar Pattern
Comments: Price moved slightly lower from the Inside Bar Pattern that had formed on Monday, Mar 6th (We suggested trading this pattern in our Premium Trading and Learning Group on Mar 7th).
Price moved lower from within the range of the recent Bearish Tailed Bar Setup that had formed just below the $24270 – $25251 key resistance area on Thursday, Feb 16th (We suggested selling on a retracement higher into the range of this setup in the Feb 23rd market update).
Potential Trade Signal 1: We are looking to sell on a retracement higher into the range of the recent Inside Bar Breakout that had triggered on Tuesday, Mar 7th (Buy entry: $22180 – Stops: $22700).
Potential Trade Signal 2: We are looking to sell on a retracement higher and after a sell signal, at or just below the $24270 – $25251 key resistance area, which coincides with the recent Giant Bearish Tailed Bar Setup that had formed on Thursday, Feb 16th.
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ETHEREUM – ETHUSD: Price Moved Lower From Inside Bar Pattern
Comments: Price moved briefly lower from the Inside Bar Pattern that had formed on Monday, Mar 6th (We did not consider trading this pattern, nor did we mention it).
Price moved lower from within the range of the recent Bearish Long-Tailed Pin Bar Setup that had formed just below the $1714 – $1743 short-term resistance area on Thursday, Feb 16th (We suggested selling on a retracement higher into the range of this setup in Feb 23rd market update).
Potential Trade Signal: We are looking to sell on a deep retracement higher and after a sell signal, at or just below the $1680 – $1790 short-term resistance area, which coincides with the recent Giant Bearish Long-Tailed Pin Bar Setup that had formed on Thursday, Feb 16th.
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
