Yueying: Bitcoin and Ethereum Market Analysis (March 6th) - Will Non-Farm Payroll Data Help the Bulls Break Through Again? (Short-Term Analysis Included)
The short position at 74600 given above for Bitcoin only reached 74000, a few hundred dollars short, so the upward breakout expectation was fairly accurate. Looking at the daily chart, after a large bullish breakout above the upper Bollinger Band, the price encountered resistance, with the previous candlestick closing bearish. Intraday opening saw consolidation below the upper Bollinger Band. The Bollinger Bands are slightly widening, short-term moving averages are turning upwards, the MACD fast and slow lines are extending upwards with decreasing volume, the KDJ is encountering resistance near 100 and turning downwards, and the VR indicator is consolidating around 70. On the 4-hour chart, after finding support around the middle Bollinger Band, the price rallied with consecutive bullish candles, breaking through the upper Bollinger Band before encountering resistance and retesting the middle Bollinger Band area. The Bollinger Bands are trending upwards, the 7-day moving average is turning downwards, the MACD fast and slow lines are crossing downwards with increasing volume, the KDJ is trending downwards, pay attention to support near 0, and the VR indicator is consolidating around 120. Overall, the market trend aligns with the previous analysis, suggesting an upward breakout from the consolidation range. Recent articles have consistently emphasized that a trend reversal is imminent at the end of the consolidation phase. Today, Friday, there's non-farm payroll data, which will impact short-term volatility and potentially support the bullish continuation. Pay attention to the resistance levels above. For short-term trading, first refer to the previous high area, then the 76000 area. See short-term suggestions. Bitcoin short-term suggestion: Short at 73300 (Short at 75500) (Take profits as needed). The Ethereum short at 2180 given above was accurate; the price retraced to 2199, moving within a range of approximately 120 dollars. Overall, the technical indicators are linked to Bitcoin. Currently, the breakout from the previous consolidation range is encountering resistance around 2200. Continue to monitor this resistance level in the short term. If the bullish continuation occurs after a breakout, then watch the resistance around 2380. See short-term suggestions. Ethereum short-term suggestion: Short at 2160 (Short at 2355) (Click the image to see the homepage introduction for more coin analysis). —I am Zhou Yueying.