BlockBeats News, March 16th, trader Eugene Ng Ah Sio posted on his personal channel stating, “I have switched to a long position. Considering the overall weakness of global risk assets, the crypto market is still showing strength, which is worth noting — this is the first time the crypto market has shown relative strength since Bitcoin’s collapse from $60,000.”
While I did not catch the bottom, buying into strength after a breakout from the consolidation range is my preferred execution method as it allows for better risk control.
At the same time, various altcoins have also formed a very natural rounded bottom pattern, which makes me think that the probability of an upward movement in the crypto market in the short term is higher. If Bitcoin successfully breaks above $74,000, the entire crypto market may start a full-scale rally. I expect major coins like ETH and SOL to return to their previous trading ranges (ETH $2400 / SOL $100).”
