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Volume Analysis

Analysis and Forecasts
2024-03-10 14:18:27
810

BTC/FIAT and BTC/STB indices declining as ALT/BTC rises and ALT/STB holds steady — potentially signaling rotation into altcoin interest amid Bitcoin pullback.

 

Trading volumes normalizing after the panic-driven selloff spike.

 

BTC

 

Price trading below $67,609 resistance after multiple failed upside breakout attempts despite buying dominance.

 

Last two tests saw sellers re-emerge to defend the $67,609-$68,701 distribution zone. Old $59,494 range low also remains a viable support.

 

Cannot rule out range expansion lower towards $57,989-$55,112 if current support breached.

 

ETH

 

Uptrend slowing but new highs still being tagged, albeit lacking aggressive buyer interest to drive impulsive continuation.

 

With buyers still controlling the pace, only new support levels are relevant for now - starting with $3,756-$3,727 and older $3,363-$3,038 zone below.

 

Monitor $3,584 for intraday inflections around that reaction level as well. Range retest remains a risk.

 

Takeaway

 

BTC in digestion mode as bulls methodically probe topside resistance. No major hurdles visible yet on ETH's accelerating impulse bid.

 

For BTC, sustained $59.5-$68.7k range expected unless $58k-$54.3k breached to expand range lower.

 

For ETH, nearest support at $3,756-$3,727 then $3,363-$3,038. Watch $3,584 for intraday opportunities.

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