Life is like a painting, vibrant with red, orange, yellow, green, blue, and purple. Each person paints their own life with different colors, some lightly sketched, others boldly splashed. Life is like a dream; everyone has different dreams, some filled with good dreams, while others are plagued by nightmares. Life is like tea, bitter yet slightly fragrant, rich at first but eventually returning to a light flavor!
Let's summarize the recently passed weekend. The initial calm, combined with the late surge of passion, created an exciting weekend. Looking at the overall market fluctuations, as always mentioned, news significantly impacts market trends. A single piece of news from Old Trump can cause the market to soar nearly 10,000 points. Who can underestimate Old Trump's influence? The topic of strategic reserves for virtual currencies has been a recurring discussion. Rumors have circulated since last year, and after Old Trump took office, it has been mentioned as a potential positive factor. Recently, it was announced that the White House will hold a crypto summit on March 7, and yesterday, Old Trump stated he would fully promote the formation of a strategic reserve for virtual currencies. It is clear that the cryptocurrency market is closely tied to Old Trump's every move.
Similarly, how the market reacts to the crypto summit on March 7 will serve as a preview of recent trend movements. Moreover, whether the strategic reserve plan can be approved and when it will be approved are currently unknown factors that will be decisive for the market. It is evident that news has a significant correlation with market trends; the market's attention to Old Trump is sufficiently high. There are countless market analyses, but nothing compares to Old Trump's words. Until the crypto summit is confirmed, the view remains unchanged: market funds are likely waiting for clear news before taking action, and until then, we should not focus on specific bullish or bearish trends.
As analyzed over the weekend, the market was expected to oscillate around 84,000-87,000 in the short term, but it couldn't withstand Old Trump's remarks, leading to a rapid surge. Currently, the daily chart has formed a V-shaped reversal. After the weekend's market, the CME Bitcoin has two short-term gaps below, specifically from $85,720 to $93,050, and from $77,930 to $78,675. Generally, there is a process of filling these gaps, just a matter of time.
Additionally, in the short term, due to the influence of news, a strong market surge occurred, but the morning's market did not sustain. The technical market is approaching the daily MA120 trend line, which is under pressure, indicating a need for some adjustment. From the perspective of investment psychology, after probing the bottom around 78,200, the market was primarily driven up by news. For most short-term traders, the current pressure zone is a relatively good area for profit-taking.
On the four-hour level, after the surge, the MACD is starting to see a contraction in volume at high levels. Currently, the price is under pressure from moving averages, undergoing a retracement process. The short-term support levels are 90,000 and 87,000, and we need to pay attention to the effectiveness of the retracement support during the day. For short-term operations, consider entering a short position near 93,000, adding to the position at 94,000, with a stop loss at 94,650, aiming for a retracement target near 90,000. If the market quickly dips, one can enter to take a long position.
Ethereum has shown a strong rebound but then faced pressure and retraced. Currently, we need to pay attention to the four-hour trend resistance at 2,600. If the rebound does not surpass this level, it is not advisable to be overly bullish. For short-term operations, consider a short position near 2,430, anticipating market oscillation and retracement.
Regarding other cryptocurrencies, after XRP, ADA, and SOL last night, American coins have gained market attention again. Altcoins follow the trend; one must learn to accept this. Of course, in the overall market, choosing mainstream altcoins is crucial.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article is subject to review and publication, and market changes in real-time may lead to delayed information. Specific operations should follow real-time strategies. Feel free to contact us for market discussions.】
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