Preface:
1. Spot gold reached a new historical high of $2,913.01 per ounce at the beginning of the trading session;
2. Elon Musk offers $97.4 billion, seeking to compete with Sam Altman for control of OpenAI;
3. U.S. Democratic Congresswoman Maxine Waters releases a stablecoin regulatory proposal, requiring issuers to hold a 1:1 reserve;
4. Yesterday's research report highlighted that the key resistance level above Bitcoin is 98,000, with multiple attempts to breach this level resulting in a 1,500-point pullback. The market trend is generally consistent.
Technical Analysis:
BTC: Combining the big environment discussed in previous research reports looking at the weekly chart, the overall trend is still bearish. On the daily chart, a bottom has formed around 95,800 points recently; after a dip yesterday, it rebounded to form a small bullish candle. Currently, three consecutive small bullish candles have formed, and the short-term market is expected to continue rebounding, with key upper targets at 99,600-100,600. On the 4-hour chart, yesterday morning's double bottom test closed with a bullish candle, and the market is trending towards steady growth. However, market bullish confidence is lacking, making the rise relatively weak and not smooth. For intraday operations, focus on support at the 97,200-96,200 range for a rebound and resistance at the 98,800-99,800 range.
ETH: Yesterday discussed the Ethereum weekly chart, following the pace of decline, with a significant drop last week forming a long upper shadow on a large bearish candle. After three consecutive large bearish candles, the market is expected to have a slight rebound; the weekly chart needs to form two small bullish candles to repair the technical gap, while the overall trend is still bearish. On the daily chart, yesterday saw a dip followed by a star-shaped small bullish candle; this morning continued to rise. The short-term market is expected to continue rebounding, but the rebound height should not be too large, at most 50 points above the highest point of February 4 at 2,920. On the 4-hour chart, after a double bottom test yesterday morning, a steady small bullish candle was formed, and small-level lines are expected to continue rising. For intraday operations, focus on support at the 2,650-2,600 range and resistance at the 2,750-2,800 range.
Altcoins: The recent collective rebound is about 10%, with selling pressure similar to Ethereum primarily concentrated above 3,050. The three-day rebound at the end of January was a false signal, and there is significant selling pressure above altcoins. This round of rebound space is approximately 30%. The recent bottom for INJ is around 13, targeting a 10% rebound, with selling pressure around 17.5; for SHIB, the recent bottom is around 15, targeting less than a 10% rebound, with selling pressure around 18; for DOGE, the target trend is relatively healthy, with a clear bottom mainly around 0.24, and selling pressure at 0.31; for more quality coin information, everyone is welcome to participate.
Ethereum ultra-short term trading is currently updated to 54 trades!
The cryptocurrency market is highly volatile, proceed with caution, personal opinion, not advice, for sharing only.