Preface: Investment carries risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: March 5, 11:27 Beijing time
Market Information
- The decline in Bitcoin prices has a huge impact on mining companies;
- Standard Chartered Bank warns that as key support levels approach, Bitcoin and strategies face volatility;
- The probability of the Federal Reserve maintaining interest rates in March has dropped to 89%;
- Placeholder partner: Maintaining patience is key when the crypto market sentiment is low;
- Wintermute: Nearly $3 billion in long positions have recently been liquidated, and market concerns about trade wars are intensifying;
Market Review
Yesterday we mentioned that the opportunity for Bitcoin to continue declining is not very large. In trading, we positioned around 82000, with Bitcoin's lowest point at 81200, just right for us to get in. The current highest point is at 88931, basically close to our target of 89950-92200. The current price is around 97600, with a profit of 5600 points, recovering the previous stop loss. Those who entered long positions can reduce their holdings and move the stop loss to continue watching the target. Congratulations to those who followed along; for Ethereum, we were in a wait-and-see state yesterday. If the daily line returns above 2100, we can go long. The daily line closed at 2170, forming a doji, indicating that support is still effective. In trading, we can position for a long.
Market Analysis
BTC:
From the daily chart, Bitcoin tested near the 200-day moving average and rebounded after closing a pin bar. After testing the moving average, the daily line closed bullish, indicating that there is still room for this rebound, at least seeing around 92000 first. After reaching that point, pay attention to the breakout situation of the previous short-term high at 95050. If it breaks, it will continue to rebound to around 99000. The long positions entered around 82000 can continue to hold until the target range of 89950-92200. You can reduce your holdings and move the stop loss to watch. After reaching the target, based on the breakout situation above, you can make new arrangements. Seize the opportunity to enter; for short-term trading, control risks and manage profits and losses yourself.
ETH:
From the daily chart, Ethereum's rebound is a bit weaker, but the daily line still closed above the 2100 support, indicating that short-term support is still effective. During the day, we can position for a long around this point. It is recommended to position long near 2150, with a supplementary buy at 2050, stop loss at 1950, and the target first looking at 2450. If it breaks the previous high at 2552, look towards 2860. Seize the opportunity to enter; for short-term trading, control risks and manage profits and losses yourself.
In summary:
Both Bitcoin and Ethereum show a rebound trend on the daily line, and it is recommended to focus on going long in trading.
The article is time-sensitive, pay attention to risks, the above is only personal advice, for reference only!
Follow the WeChat public account Crypto Lao Zhao to discuss the market together;
The root of all suffering is the pursuit of certainty. Impermanence is the norm and the way life should be. Always wanting to grasp the market, not acting on a 50% certainty, not acting on a 70% certainty, must wait for a 100% certainty—where is there a 100% certainty in the market? Trading is about trading risks, trying to let the odds stand on your side. Those who give love will receive love in return; those who bring blessings will receive blessings. Sometimes, learn to take a little loss, be a bit foolish, a bit silly. For example, if the market is bullish, once this is confirmed, don’t get too stuck on the position, lower the position a bit, then get in first, and if it reverses, so be it.
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