Gate.io AMA - Weekly Analysis, Mar.18th

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

Record time 10AM BKK.

1.Major coins
BTC

1M/1W/1D

• From the following pictures, basically there's the downtrend.
• From 1M pattern, there is a little bounce back. Volume looks good, now it is mid-month, but the volume is almost the same level as previous month.
• From 1W/1D pattern, there's the downtrend. Volume does not look good.

1D/8H/4H/1H

• From following, it is obvious downtrend.
• Three patterns below have low volume.
• And it is a sideways status.

Summary:

• Overall it is sideways.
• So far you can do Short, hold it 8h to 1D.
• Sideway price range is 40250-39820.
• Recently a lot of good news about Bitcoin, we can take this stage as a period of accumulating the power.

Q: Let's check some news for this week.
A:
1）Industry
Russia and Ukraine are making progress on a peace deal, and Russia is expected to withdraw from Ukraine. Double positive news, the market should be recovering and the panic will gradually subside.

On March 16, Ukraine officially announced that Ukraine has legalized the crypto industry, President Zelensky signed a law that foreign and Ukrainian cryptocurrency exchanges will operate legally, and banks will open accounts for crypto companies. Ukraine has already received more than $80 million in cryptocurrency donations.
Japan's crypto agency may release looser listing rules for cryptocurrencies next week, which is positive news.

The traditional American financial giant American Express submitted 7 applications, including NFTs, cryptocurrency services, and transaction services for virtual banks. Another super giant has entered the market to share the cake, which will bring a group of high-net-worth investors.

2) NFT
Meta (FB) CEO Mark Zuckerberg said Tuesday: "We're working hard to bring NFTs to Instagram in the short term." In the coming months, Instagram members will be able to mint their own NFTs within the app.

BAYC parent company Yuga Yuga will use a token called APECoin to make purchases in Yuga's planned app store, TheBlock reports. Additionally, Yuga’s grand metaverse plans will begin with the sale of virtual land in the form of NFTs, with a total of 200,000 parcels allocated in two sales in March and August this year.

Babbitt News, OpenSea said it is designing a new system to automatically verify series of NFTs that meet certain criteria, planning to allow creators to connect to accounts they own (such as Twitter and Discord) so the community can verify those connections are true. The standard will also have a minimum transaction value threshold. Additionally, OpenSea is exploring determining ownership of accounts connected via oAuth to prevent malicious actors from replicating legitimate series.

3）Coins
According to the statistics of Glassnode, the proportion of Bitcoin supply that has been held for less than half a year has hit a record low, about 24.53%, which means that the willingness of Bitcoin holders to hold for a long time is gradually strengthening; Yes, the total cost of holding Bitcoin for less than half a year accounts for about 47.4% of the total cost of holding Bitcoin in the entire network.

Cryptocurrency exchange Okcoin announced today that it is launching Bitcoin Odyssey, a $165 million grant program in partnership with Stacks Accelerator and the Stacks Foundation. The venture-backed project aims to propel Bitcoin over Ethereum as the blockchain of choice for decentralized applications.

Q : Please give me some conclusion.
A :
Panic index 27, normal panic

BTC, due to some good news in the currency circle, is expected to exceed 45000. It is still sideways, short-term for Short direction. Do Long after accumulating strength.

ETH, it is good news that Three Arrows Capital bought 40,500 ETH, and it has continued to strengthen in the past two days. It is expected to be stronger than BTC, suggest holding it for now.

The strength of the two major coins inject a booster into the market, and there should be a healthy trend in the near future.

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