Thursday, February 29, 2024

Has the bull market come to an end after a roller coaster night?

① 21:30 US initial jobless claims for the week ending February 24

② 21:30 US core PCE price index YoY for January

③ Speech by the Federal Reserve's Mester at 02:15 the next day

1. Daily chart: After breaking through the 60,000 support level, the price continued to rise. If the subsequent pullback does not break this support, the upward trend will continue.

2. 1-hour chart: After a short-term breakthrough above the 60,000 support level, the price maintained oscillation above it. If the subsequent pullback does not break this support, there will be a continued upward trend.

Ethereum

Daily chart: After breaking through the 3,200 support level, the price continued to rise. If the subsequent pullback does not break this support, there will be a continued upward trend.

2. 1-hour chart: After a short-term breakthrough above the 3,250 support level, the price maintained oscillation above it. If the subsequent pullback does not break this support, there will be a continued upward trend.

Bitcoin

Summary: After a short-term breakthrough above the 60,000 support level, the price maintained oscillation above it. If the subsequent pullback does not break this support, there will be a continued upward trend. Resistance above is at 64,300 and 67,000; if it breaks below, a pullback trend will unfold, with support below at 56,700 and 54,400.

Subsequent trend:

After a pullback that did not break below the 56,600 support level, there was a significant increase and the price successfully reached the second target of 59,300, reaching a high of 64,300.

Ethereum

Summary: After a short-term breakthrough above the 3,250 support level, the price maintained oscillation above it. If the subsequent pullback does not break this support, there will be a continued upward trend. Resistance above is at 3,580 and 3,730; if it breaks below, a pullback trend will unfold, with support below at 3,090 and 2,945.

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