Gate.io Blog Gate.io AMA : Weekly Analysis, Mar.4th

Gate.io AMA : Weekly Analysis, Mar.4th

24 March 11:36

Q: Hi, it's time for weekly analysis again.
A: Thank you and let's check it out.

Record time 10AM BKK.
Coin: BTC

1M/1W/1D
From the following pictures, basically there's the downtrend.
From 1W pattern, there's the head and shoulder, still not yet broken out the shoulder line.
From 1D pattern, there's the drop of yesterday but didn't break out the support line.
Overall, the volume is going down, MACD power is not enough.

1D/8H/4H/1H
From following, it is obvious a downtrend.
Especially from 1H, there's the DOME be formed.
Volume is going down, as well as MACD.
It means there's another period of downtrend.

Summary:
Overall it is going down.
After 3 days pull back, BTC price didn't break 44000.
It is normal if there's another period of downtrend.Let's expect it to accumulate more power before the next explosion。
For the short term, the resistance level will continue to be around 40,000.

Q: Let's check some news for this week.
A:

1）Industry
As the organization of sanctions against Russia increased further, the price of crude oil soared and inflation started. This means that we should allocate a large amount of assets to fight inflation, and the Bitcoin bull market will go further.

Cryptocurrency donation and payment have become an important "flash point" in the Russian-Ukrainian conflict: In this Russian-Ukrainian conflict, the US stock market and currency prices have not experienced a sharp collapse as previously feared, on the contrary, cryptocurrency has become an important means of donation and payment.

Nomura Holdings, head of Japan's financial field, will set up a cryptocurrency division with a focus on increasing the adoption of digital assets to serve customers. The company is in charge of $641 billion in assets, which will bring a huge increase to the currency circle.

DCG, the parent company of Grayscale, announced that it has started a repurchase of US$250 million in trust products. Grayscale hadn't moved for a long time, and this time he should have smelled money.

2) NFT
Derivatives DEX SynFutures has released its 2022 roadmap: the first derivatives that will allow users to go long or short in a single NFT such as CryptoPunks, Art Blocks and Bored Ape Yacht Club or a basket of NFTs consisting of multiple assets will be released.

According to NFTGO.io data, the total transaction volume of adidas Originals, the NFT project, has exceeded $90 million and is currently $90.04 million. The current floor price is 1.355 ETH, down 5.29% in 24 hours.

IQ Protocol, an NFT rental market that will be launched in the first quarter, announced that it has received $12 million in financing, led by cryptocom Republic Capital and participated by more than 30 VCs.

3）Coins
Well-known burger chain Shake Shack is testing Bitcoin rewards to attract younger shoppers, according to The Wall Street Journal, where customers will receive a 15% bonus when paying with Bitcoin when they use the Cash App to buy items.

Luna completed a $1 billion financing, led by Jump Crypto and Three Arrows Capital.

American cryptocurrency firm Ripple will open an office in Dublin, Ireland and launch services in Ireland, with plans to serve the wider European market. Ukrainian Deputy Prime Minister Mykhailo Fedorov asked Tesla founder Elon Musk for help on Twitter. Musk replied that the Starlink service is currently active in Ukraine and more terminals will be deployed.

Conclusion:
The recent 24H Bitcoin transaction volume has dropped significantly, indicating that the market demand and supply have gradually stabilized. After short-term Shorts trend, there is a high probability that Longs will still take the lead.

The Russian-Ukrainian war has pushed up the crypto currency market which may not be good for the global financial situation, but it is definitely good for the crypto currency market. Two sides of Russian-Ukraine will hold talks tonight. Uncertainties still exist. Please prepare for risk prevention and control.

Q: That's all, let's go to question session.

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Gate.io AMA : Weekly Analysis, Mar.4th

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