Preface: Investment involves 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 7, 11:05 AM Beijing Time
Market Information
U.S. Senator Lummis posted a picture of Trump with laser eyes and captioned: The U.S. is becoming the capital of Bitcoin and digital assets;
The U.S. government holds 198,000 Bitcoins, having previously suffered a loss of $16.1 billion due to premature sales;
Jinshi: The U.S. is establishing a Bitcoin war reserve but will not actively purchase additional Bitcoins;
Coinbase executive: It is expected that the U.S. strategic Bitcoin reserve executive order will reduce Bitcoin selling pressure by $18 billion;
President Trump is considering signing an executive order tomorrow to establish a strategic Bitcoin reserve. (Watcher.Guru)
JPMorgan: The likelihood of approval for the U.S. strategic cryptocurrency reserve is less than 50%;
Market Review
Tonight at 9:30 PM, there will be non-farm payroll data, along with a cryptocurrency summit, both of which are significant news for the market. Yesterday, we mentioned focusing on whether Bitcoin would break through or pull back for positioning. In the morning, there was a pullback, with the lowest point at 84,628. Yesterday, we set the stop-loss for long positions at 84,600 (there's a slight difference between platforms). Some platforms hit the stop-loss, but mine did not. After the drop, there was a rebound, and even if the stop-loss was hit, it would only be a small loss of 2,000 points. For those who did not hit the stop-loss, they basically broke even. The evening session is still expected to rise; if the long position did not hit the stop-loss, continue to hold. If it did, re-enter. Ethereum also did not continue to rise, with the low point at 2,100. For previous long positions that were not exited, there will be no stop-loss. The trailing stop-loss was hit, so continue to position for long trades.
Market Analysis
BTC:
From the daily chart, the pullback for Bitcoin positions yesterday did not hit the stop-loss on my end, and those who did only experienced a small loss. Even if today's crypto summit does not lead to Bitcoin and Ethereum becoming reserve currencies, it is still somewhat positive for the crypto market. This event means that the market will not experience a significant drop; after the decline, it quickly recovers. This wave of decline has taken out some short-term bulls. In trading, we still favor long positions, with short-term support stabilizing around 86,600. At 12 o'clock, we can position for trades as the 4-hour chart changes. The strategy from yesterday at 87,600 remains unchanged. Those with stop-losses or in cash can reposition around 86,600, with an additional buy at 85,000, stop-loss at 84,000, and the initial target at 95,500. If it breaks through, look towards 100,000. Manage your entry accordingly; for short-term trading, control risks and manage your own profits and losses.
ETH:
From the daily chart, Ethereum has once again tested the 2,100 level. I previously mentioned that this level is strong support. After testing again, it formed a lower shadow, indicating that the support remains effective. With news expected in the evening session, trading should still revolve around this level for long positions. Those who took profits near 2,150 can re-enter, and those in cash can also enter. Position around 2,130 with a stop-loss of 2,000, targeting initially around 2,450, and if it breaks through, look towards 2,860. Manage your entry opportunities accordingly; for short-term trading, control risks and manage your own profits and losses.
In summary:
After a short-term pullback, the market will rebound; seize the entry opportunities.
The article is time-sensitive, be aware of risks, and the above is only personal advice for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
All sources of suffering stem from 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 100% certainty in the market? Trading is about trading risks, trying to make the odds work in your favor. Those who give will receive; sometimes, learn to take a little loss, be a bit foolish, a bit clumsy. For example, if the market is bullish, confirm this point, don’t get too rigid with your position, lower your position size a bit, and then get in first; if it reverses, so be it.
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