Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 14:03, March 7th, Beijing time
Market Information
- The total market value of Bitcoin ETF exceeds 54 billion US dollars, with FBTC's asset management scale surpassing 7 billion US dollars.
- Co-founder of Mechanism Capital: New capital entering the bull market will not consider price or funding rates.
- President of ETFStore: The total flow of 9 Bitcoin ETFs in the past 2 months exceeds the total flow of all physical gold ETFs in the past 5 years.
- Grayscale submits a comment letter to the SEC, urging the approval of options products based on spot Bitcoin ETFs.
- Federal Reserve Beige Book: It is expected that future demand will be stronger, and the financial environment will become more accommodative.
Market Review
Yesterday, based on the weekly trend, we can see that Bitcoin and Ethereum are still in a strong bullish trend. The weekly closing is still a few days away, so we need to wait. Yesterday, during the day session, we mentioned that a long position layout could be made near 65,000 for Bitcoin. Bitcoin experienced a decline in the evening, reaching a low of 64,615, which was a good entry point. Although the rebound did not reach 69,000, peaking at 67,570, there was still a profit of around 2500 points. Even if you have not exited the position, there is still a profit of over 900 points. Congratulations to friends who followed this strategy. As for Ethereum, we mentioned yesterday that there would not be a deep decline, and chasing the rise could still make money. At that time, the price was around 3760, and Ethereum's highest rally point was at 3906. Although it did not reach 4050, there was still a profit of around 140 points. Congratulations to friends who followed and made a small profit. The market last night did not continue the rebound, and there is a greater chance of a short-term pullback during the day. Seize the opportunity on your own.
Market Analysis
BTC:
Looking at the 4-hour chart, after breaking through the high of 69,350, Bitcoin fell, and the subsequent rebound did not break through the 69,350 level again. Yesterday's trend saw a quick recovery after the decline, but the market did not show a strong breakthrough. Based on this trend, Bitcoin is expected to experience a small pullback during the day session. The expected pullback range is between 62,400 and 61,000. After reaching this range, make a long position layout based on the closing situation below. As long as it does not break the low point of 59,112, there will not be a significant decline. For day session trading, a light short position layout can be made to the 62,400-61,000 range, and then make a short-term long position layout based on the closing situation. Control risks for short-term trading, and manage profits and losses on your own.
ETH:
Looking at the 4-hour chart, Ethereum broke through the previous high to reach 3906 yesterday, but did not continue to rise after reaching this level. The subsequent trend showed a continuous decline, breaking the 3725 level. This indicates that Ethereum will also experience a small pullback. A pullback does not mean the end of the bullish trend. On the daily chart, Ethereum is still in a strong bullish trend, and the pullback is for a better upward movement. The expected pullback range for Ethereum during the day session is between 3475 and 3355. After reaching this range, make a long position layout based on the trend. In the future, the rebound is still expected to reach around 4050. For day session trading, a light short position can be taken to the 3475-3355 range, and then make a long position layout based on the closing situation. Seize the opportunity on your own.
In summary:
There is a short-term pullback opportunity during the day session, wait for the pullback before making a long position layout.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
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