Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delays in publication. The article is for reference only, thank you for reading!
Time of writing: 13:52, March 4th, Beijing time
Market Information
- Data: The total open positions of Bitcoin futures contracts across the entire network exceed 29 billion US dollars;
- Important events schedule for this week: The US SEC will make a decision on Fidelity's Ethereum spot ETF application;
- The total market value of cryptocurrencies has exceeded 2.5 trillion US dollars;
- Powell appeared this week, expected to emphasize no rush to cut interest rates;
- The probability of the Fed maintaining interest rates in March is 96.0%;
Market Review
Due to some matters that needed to be handled, the article was not updated in a timely manner. Your understanding is appreciated. Updates will continue in the future. Thank you for your support, and I hope to help everyone make more profits in the cryptocurrency market!
After breaking through the previous range, Bitcoin started to rise without any signs of a pullback. It surged from 53,100 to a high of 64,429 without much of a retracement. After the surge, the weekend market once again entered a period of oscillation. Bitcoin has essentially broken through the resistance, and the market is extremely hot at the moment. Altcoin markets are also flourishing, with prices rising one after another. Ethereum also experienced a rebound, rising from 3,044 to 3,538, an increase of nearly 500 points. This was the trend last week, mostly spent in the upward movement, with only oscillation over the weekend. With the market moving in this manner, there is a chance to break through 69,000 this week, unless there is a bearish signal at a higher level, which would provide an opportunity for a pullback.
Market Analysis
BTC:
Looking at the weekly chart, Bitcoin is just a step away from 69,000. The current weekly closing price has reached a densely populated area of chips from the previous uptrend, which could provide some pressure. Pay attention to trading at this point. The current weekly closing situation shows a large bullish candlestick, but it is not accompanied by high trading volume, indicating that there hasn't been a significant amount of long liquidation in the market. The chance of a major drop in Bitcoin is not very high at the moment. Based on the previous trend, there is a good chance for Bitcoin to break through 69,000 this week. Once 69,000 is broken, there will be no resistance above, and it's uncertain whether it will go to 80,000 or 100,000. In trading, it's more stable to go long after a pullback. If you profit from a rebound, exit in a timely manner. If there is a strong bearish signal at a higher level, then we can consider establishing longer-term short positions. The expected short-term retracement levels for intraday trading are around 62,000 and, if broken, around 60,500. Both of these levels can be tried for long positions. Manage your risk and take responsibility for your gains and losses.
ETH:
Looking at the weekly chart, although Ethereum's rise is relatively strong, it is still a bit behind Bitcoin. There are still several resistance levels above Ethereum's rebound. Currently, the closest is at 3,580, which served as the high point of the previous rebound and could provide some pressure. The next level is at 4,020, where the pressure will be even greater. Breaking through this level will require a significant amount of strength. Based on the current weekly closing situation, there is a good chance of testing the 4,000 level this week, with five consecutive bullish candles and no significant increase in trading volume during the uptrend, indicating that the long positions in the market are still holding and there hasn't been a significant amount of selling. Overall, the trend looks very positive, and it's better to focus on long positions after a pullback in Ethereum trading. If there is profit from a short position, exit in a timely manner. The short-term focus is around 3,350, where long positions can be established upon reaching this level. Manage your risk and take responsibility for your gains and losses.
In summary:
The weekly closing situation is bullish, and it's better to focus on long positions after a pullback in trading.
The article is time-sensitive, be aware of the risks, and the above is only personal advice, for reference only!
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