Bulls Explode Liquidating Short Positions, Trump's Request for Allies to Send Troops Rejected! 3.17 BTC and ETH Analysis

On March 16, two senior White House officials stated that Iran had recently attempted to make contact through multiple channels with the Trump administration, hoping to resume diplomatic negotiations, but U.S. President Trump currently refuses to resume talks. However, Iranian Foreign Minister Araghchi denied recent contact with Witkoff. Regarding the Strait of Hormuz blockade news, Trump requested allies to send troops to help open up the Strait of Hormuz, but Germany's Defense Minister responded with "this is not our war." Japan and Australia explicitly declined, while the UK and France remain uncommitted. Currently, the market may have truly underestimated this conflict, and subsequent developments could trigger panic. Although Ethereum shorts were swept yesterday and BTC shorts made modest gains in two waves, today we continue bearish sentiment to see how much impact this conflict will have!

On the daily chart, BTC has had 8 consecutive up days, mainly supported by sustained capital inflows into the spot ETF market boosting coin prices. However, the price has broken through the 4-hour and hourly Bollinger Bands upper rails. The coin price has continuously broken through resistance levels above, and the market is continuing to pull back to repair indicators, so intraday we expect a pullback first!

3.17 Short Position Strategy

BTC current price 74800-75300 short, conservative entry at 75600-76000, stop loss around 76500, targets around 74000-73500-73000, if broken look for 72500-72000-71500, if broken further move stop loss to protect profits based on situation!

ETH current price 2350-2380 short, conservative entry at 2430-2450, stop loss around 2480, targets around 2300-2270-2250, if broken look for 2230-2200-2150, if broken further move stop loss to protect profits based on situation!

3.17 Long Position Strategy

BTC pullback to 71000-71500 long one position, stop loss at 70000, targets around 72500-73000-73500, if broken look for 74000-74500-74800, if broken further move stop loss to protect profits based on situation!

ETH pullback to 2100-2140 long one position, stop loss around 2070, targets around 2200-2230-2250, if broken look for 2270-2300-2350-2380, if broken further move stop loss to protect profits based on situation!

BTC doesn't fall, ETH makes up gains, it seems we're back to a bull market with major positive catalysts, but the war impact hasn't materialized yet, so don't blindly go bullish. Although spot ETF inflows continue to boost prices, subsequent pullbacks are highly likely to occur again, so bring good stop losses when trading to control risk and operate cautiously! #加密市场上涨