I. Fundamental Analysis

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Whale Movements: Among the top 100 whales, there are some new movements worth noting. The 99th whale is a new entrant that decisively bought 9,757 bitcoins on March 1, showing a positive attitude towards the market.

In contrast, the 199th whale (previously within the top 100) reduced its holdings by 3,261 bitcoins. By comparing the actions of the two, we can see that overall, bitcoin is still in a state of inflow.

Moreover, some smaller whales are gradually increasing their positions near the current market price. Considering the performance of these whales, although there is volatility in the market, from the perspective of capital flow, the situation is not as bad as imagined, and there are still certain positive factors in the market.

II. Technical Analysis Interpretation

Bitcoin: The current price of bitcoin is $83,000. Looking back at yesterday, its price once surged to $94,000, forming a long bullish candle. At that time, Jiugo repeatedly emphasized that $94,000 was an excellent opportunity to reduce positions and urged everyone to seize it. Today, the price has fallen back and formed a bearish candle; these two candles to some extent offset each other. However, from the overall trend, bitcoin is still in a downward channel.

As the price declines, bitcoin has currently reached the support level near $83,000. This support level is crucial; if $83,000 is effectively broken, the price will likely test the low of $78,000 from the previous two days. If $78,000 is also lost, the next key support area will be between $65,000 and $66,000.

Jiugo suggests closely monitoring the effectiveness of the $78,000 support. If this support level is breached, $65,000 - $66,000 can be considered as a buy limit order for bottom-fishing, as this area has strong support potential from a technical analysis perspective.

Ethereum: The price movement of Ethereum is also noteworthy. Currently, the price of Ethereum is $2,039. Yesterday, its price peaked at over $2,500 before quickly retracing. Notably, today’s bearish candle completely engulfs the bullish candle from the day before, a candlestick pattern known as an engulfing pattern in technical analysis, which is a strong bearish signal.

From a technical standpoint, Ethereum has currently broken below the key level of $2,000, which is precisely the lower boundary of the entire extension channel. Once this level is breached, the price of Ethereum will further decline, likely heading towards the $1,500 - $1,600 range to find a bottom.

Therefore, it is essential to pay close attention to Ethereum's closing situation at $2,000. If the closing price is below $2,000, one can wait for a price pullback to the $1,500 - $1,600 range to find a suitable entry point.

ADA: After experiencing a significant surge the day before yesterday, with an increase of 76%, ADA became the market's focus. However, market changes are always rapid; yesterday, the price of ADA dropped by 31%, and today it has begun to break the upper boundary of the channel. Currently, ADA is in a breakout state. Based on technical analysis and market trends, it may return to the starting point, around 0.65. During the price fluctuations, the current upper boundary of the channel at 0.82 seems to pose pressure, but based on actual market performance, this pressure is relatively weak, and its effectiveness is questionable.

XRP: The day before yesterday, the price of Ripple surged by 35%, but today it has returned to around 2.2, the starting point. At this position, Ripple is once again testing the neckline. It is crucial to closely monitor whether the neckline will be broken. If the neckline is lost, the price of Ripple will continue to move downward, facing greater downward pressure.

SOL: Yesterday, it peaked at around 180, which is an important neckline. After a long bullish candle appeared the day before yesterday, a long bearish candle followed yesterday, forming a pattern similar to parallel lines or an engulfing pattern. From technical analysis and market experience, SOL is likely to test the support level around 110 next. Once the price breaks below 125, it will further test the 110 position. Therefore, it is essential to closely monitor the effectiveness of the 125 support, as this position is crucial for judging SOL's subsequent trend.

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