Yueying: Bitcoin and Ethereum Market Analysis (March 3rd) - Bitcoin Long Positions Profited Again, Is a Breakout Imminent as the Trading Range Ends?
The short-term strategy given above for Bitcoin was to short at 68600. The rebound was somewhat stronger than expected, encountering resistance around 70100 and pulling back. However, the long position at 65300 was closed out again, and the price rebounded around 65230. Looking at the daily chart, the previous candlestick closed positive but encountered resistance near the upper Bollinger Band. Intraday opening saw a downward test of the middle Bollinger Band and moving averages. The Bollinger Bands continue to move narrowly and flat, with short-term moving averages around the middle band. The MACD fast and slow lines are extending upwards, but the volume bars are shrinking. The KDJ is trending upwards but shows signs of turning downwards, and the VR indicator is consolidating around 70. On the 4-hour chart, after breaking through the upper Bollinger Band, the price did not continue its upward trend with consecutive negative closes, pulling back to test the middle band. The Bollinger Bands show signs of narrowing, short-term moving averages are trending upwards, the MACD fast and slow lines show signs of turning downwards, the volume bars are shrinking, the KDJ is crossing downwards, and the VR indicator is consolidating around 90. Overall, the market hasn't broken out of its current trading range, so the short-term strategy remains unchanged. Refer to the range structure and wait for a breakout before adjusting your strategy. It's important to note that this range-bound trading has been ongoing for some time, and a turning point is approaching. In the short term, watch for resistance near the previous high, which is also the upper edge of the range, and support around the lower Bollinger Band on the 4-hour chart. See short-term suggestions. Bitcoin short-term suggestions: Short at 69500, long at 64300. The previous short-term strategy for Ethereum (ETH) didn't go through, but the short at 2060 yielded a decent profit of over 100 dollars. Continue to refer to the overall technical analysis in conjunction with Bitcoin. After nearly a month of range-bound trading, a turning point is highly likely this week. While short-term trading continues to reference the range, risk management must be strictly enforced. In the short term, continue to watch for resistance around the previous high, and support around 1800, which is also the lower Bollinger Band on the daily chart. See short-term suggestions. Auntie's short-term trading advice: Short at 2050, long at 1860 (Click the image to see the homepage introduction for more currency analysis) — I am Zhou Yueying.