Analyst Chen Shu: On March 1, Bitcoin and Ethereum experience fluctuating market trends, operations should first consider it as a consolidation.
From the daily chart of Bitcoin, after a rapid decline in price yesterday, it rebounded again, forming a red candlestick with a lower shadow. The overall market is still oscillating around the MA5/10 day moving average line, with short-term resistance continuing to focus on the breakout and stability of the MA30 day moving average at 6.9. From the four-hour level, the short-term is still under pressure from the MA120 day moving average at 6.75. Before breaking through and successfully stabilizing above this line, it should be viewed as a consolidation. Meanwhile, the short-term focuses on the gains and losses of the MA256 day moving average at 6.65 at the one-hour level. It is expected that the short-term will continue to oscillate with 6.65 as the center of consolidation.
From the daily chart of Ethereum, yesterday formed a red candlestick with a lower shadow, and today it continues to rebound testing the resistance level of the MA30 day moving average at 2035. The short-term also focuses on the breakout situation at 2035. At the four-hour level, it has currently stood above the MA120 day moving average at 1970. If it can maintain stability above this line, it is expected to continue rebounding and test the 2300 line. At the one-hour level, attention should be paid to the gains and losses of the MA256 day moving average at 1950.
Afternoon operation ideas (writing time: 17:40):
BTC: Buy at 6.55, add to positions at 6.45, target 6.75/6.85; sell at 6.85/6.95 looking for a 200-point pullback.
ETH: Buy at 1930, add to positions at 1860, target 2000/2050; sell at 2050/2100 looking for a 100-point pullback.
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