Interpretation of cryptocurrency market on March 9th, 2023
Yesterday to this morning is still bearish. ADP data higher again deepened the March rate hike of 0.5% expected. The silver gate event finally landed in the early morning, ending in a shutdown liquidation, and the market went lower again.
The multiple blows to the market, starting with the February data negative, have brought several indicators back again to signal the bottom. For example, the Panic Greed Index ended nearly two months of neutrality and greed today and returned to the panic territory. The monthly and quarterly cottage indices are back to levels seen at the end of last year.
The trend is close to the near-term bottom if we're right. If the judgment is wrong, it is still a redefinition of the market after 21,000 falls through, but only the short-term trend that needs to be corrected. The long-term judgment is still the same.
The multiple blows to the market, starting with the February data negative, have brought several indicators back again to signal the bottom. For example, the Panic Greed Index ended nearly two months of neutrality and greed today and returned to the panic territory. The monthly and quarterly cottage indices are back to levels seen at the end of last year.
The trend is close to the near-term bottom if we're right. If the judgment is wrong, it is still a redefinition of the market after 21,000 falls through, but only the short-term trend that needs to be corrected. The long-term judgment is still the same.
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