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23.03.202609:14 Forex Analysis & Reviews: Trading Recommendations for the Cryptocurrency Market on March 23

Relevance up to 03:00 2026-03-24 UTC--4

Bitcoin and Ethereum are reacting nervously to the situation in the Middle East. Bitcoin has already fallen back below the 68,000 level, clearly intending to continue its decline in the near term. Ethereum is trading a little above 2,000, which also suggests negative sentiments.

Exchange Rates 23.03.2026 analysis

The escalating geopolitical tensions in the Middle East, particularly the increased risk of a US ground operation against Iran, are putting significant pressure on global financial markets. This factor has become the main reason for the decline in interest in new purchases in the cryptocurrency market, as investors adopt a wait-and-see approach amid heightened uncertainty.

A new wave of armed conflict, regardless of its scale and duration, has the potential to deal a significant blow to all risk assets. The cryptocurrency market, being one of the most volatile segments, will inevitably be influenced by this. The expectation of negative scenarios is prompting traders to reduce their investments and seek safer havens for their capital, leading to an outflow of funds from digital assets.

In light of these events, it is not surprising that the Fear & Greed Index in the cryptocurrency market has once again shown a decline, returning to the "extreme fear" mark. This indicator, reflecting the psychological state of market participants, is sensitive to external shocks and periods of heightened anxiety. The predominance of fear over greed suggests that investors are generally concerned about the future, which negatively impacts price dynamics and trading volumes.

Regarding the intraday strategy, I will also rely on any substantial drop in Bitcoin and Ethereum, with the expectation of continued development in the long-term bull market, which has not disappeared.

As for short-term trading, the strategy and conditions are outlined below.

Bitcoin

Exchange Rates 23.03.2026 analysis

Buy Scenario

Scenario 1: I plan to buy Bitcoin today when it reaches an entry point around $68,400, targeting a move to $69,500. At $69,500, I will exit the purchases and sell immediately on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario 2: Buying Bitcoin can be done from the lower boundary of $67,400, provided there's no market reaction to its breakout back towards levels $68,400 and $69,500.

Sell Scenario

Scenario 1: I plan to sell Bitcoin today upon reaching an entry point around $67,400, targeting a decline to $66,000. At $66,000, I will exit the sales and buy immediately on the rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario 2: Selling Bitcoin can also be done from the upper boundary of $68,400 if there's no market reaction to its breakout back towards levels $67,400 and $66,000.

Ethereum

Exchange Rates 23.03.2026 analysis

Buy Scenario

Scenario 1: I plan to buy Ethereum today when it reaches an entry point around $2,044, targeting a move to $2,080. At $2,080, I will exit the purchases and sell immediately on the rebound. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.

Scenario 2: Buying Ethereum can also be done from the lower boundary of $2,020, provided there's no market reaction to its breakout back towards levels $2,044 and $2,080.

Sell Scenario

Scenario 1: I plan to sell Ethereum today upon reaching an entry point around $2,020, targeting a decline to $1,974. At $1,974, I will exit the sales and buy immediately on the rebound. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is in the zone below zero.

Scenario 2: Selling Ethereum can also be done from the upper boundary of $2,044 if there's no market reaction to its breakout back towards levels $2,020 and $1,974.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Miroslaw Bawulski,
Analytical expert of InstaSpot
© 2007-2026
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