March 17 Crypto Market

**Short positions at high levels offer good value; be cautious about chasing highs.** From a chart perspective, the 75,000 level shows insufficient volume on the upside and has left a long upper shadow, but the decline is also on low volume. Retail participation in this rally has been very low, so we'll likely see a sideways consolidation phase.

**On the news front, crude oil prices remain the core disruptive factor.** Although both the US and Iran say they haven't closed the Strait, no oil tankers dare take the risk. Israel plans to deploy ground forces to open a second front in Iran, so oil prices will continue to rise.