Market analysis on March 7th: Bitcoin experienced a pullback at the 4-hour level, with attention on 56552.

CN
3 months ago

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In last night's article, we mentioned that if Bitcoin falls below 62,000, it is very likely to start a 4-hour level pullback directly. Currently, Bitcoin has not only fallen below 62,000, but has further dropped to 59,500, indicating that the market is already running a 4-hour level pullback, which is in line with our expectations.

Although in the past few days, we have been hoping that Bitcoin's 4-hour level rebound could reach around 65,000 or 66,000, the rebound strength of Bitcoin is relatively weak, so it is very likely to fall below 56,552 again during the 4-hour pullback. If it falls below, the overall short-term risk will increase.

The 4-hour pullback structure is not complete yet, so please be patient.

BTC

Due to the rapid changes in the market, the article can only make predictions about the market changes at the moment of publication. Short-term players should pay attention to the latest market changes, and use the article as a reference only.

1H

At the 1-hour level, the first 1-hour level decline is currently running within the 4-hour level decline, which has dropped from around 63,861 to 59,500 and has not ended yet. The internal structure is not complete for now. After the first 1-hour level pullback is completed, there will be a second 1-hour level rebound and a third 1-hour level decline. The expected strength of the second rebound is not significant, and the current resistance is around 60,800 and 61,500.

There is a certain probability that the third 1-hour level decline will directly fall below 56,552. Once it falls below, the main support below is around 50,000 to 48,000.

15M:

At the 15-minute level, the third 15-minute level decline is currently running, extending downwards. Pay attention to the support around 58,500 to 59,000. If it holds in the short term, there will be a fourth 15-minute level rebound. The resistance in the short term is around 61,000, and there may be a fifth 15-minute level decline that could break 58,402.

ETH

At the 4-hour level, Ethereum is also undergoing a new 4-hour level pullback. Observe whether this pullback will ultimately reach around 3,000.

At the 1-hour level, it is currently the first 1-hour level pullback within the 4-hour level pullback. This pullback still lacks a 15-minute level rebound and a 15-minute level decline to end. The first 1-hour level decline looks to target 3,250, and the resistance for the subsequent second 1-hour level rebound is at 3,360. After that, the target for the third 1-hour level decline is around 3,100 or 3,040.

Trend Direction

Weekly Level: Upward direction, with the weekly upward target focusing on $180,000.

Daily Level: Downward direction, currently undergoing a pullback from around 72,000, testing the range of 56,000 to 59,000 again.

4-hour Level: Downward direction, currently running the third 4-hour level decline.

1-hour Level: Downward direction, currently undergoing a 1-hour level pullback, which is expected to not have ended yet. There may be an opportunity to start a 1-hour level rebound tomorrow afternoon.

15-minute Level: Downward direction, with a short-term 15-minute level rebound followed by a 15-minute level decline.

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