3.22 Technical Analysis: Is the BTC and ETH Weekend Wick Good or Bad?

During the weekend market movement, we saw a wick like this. Although normally it wouldn't be considered a major fluctuation, for futures traders, this wick is quite annoying. BTC directly wicked down to around 68, while ETH happened to touch the support line near 2060. Looking at the recent movement of ETH, the decline range hasn't been that large. In yesterday's video, I mentioned that the normal ETH position corresponding to BTC's 69 level would be around 2060. This just happened perfectly. Currently, BTC's wick has falsely broken through the 69 level and reached 68, but the overall direction remains unchanged. We're still within this range-bound rebound scenario, so we can continue to watch for rebounds next week. This fluctuation is actually not significant.

BTC's wick reached around 68. Recently, we need to focus on the support position near 68. If the market rebounds and stabilizes around 70, the subsequent trend won't change and we should still watch for rebounds. The first resistance zone to watch is the 716-722 range. The second key resistance to focus on is around 736. If it breaks and stabilizes, we can watch the 76-80 range. If the market fails to break upward in the next couple of days and completely breaks down through 68, then attention is needed—we may need to look lower.

ETH's wick perfectly reached around 2060, which is exactly where it should have reached. Recently when BTC declined, ETH kept hovering around 2100 and hadn't touched this level until now. Based on ETH's trend, this movement is within normal parameters and hasn't exceeded expectations. The current support is at 2060. Above that, watch the first resistance zone at 2180-2250. In the two weekend days, 2180 was approached twice—first to 2176, then to 2168 before pulling back. This resistance level needs attention as it hasn't fully touched this range. Once it breaks and stabilizes at 2260-2320, we can directly watch the 2500-2600 zone next.