Evening thoughts on March 5:
In the turbulent waves of the cryptocurrency market, the Bitcoin market is unpredictable. Recently, the price of Bitcoin has been on a downward trend, touching a low around 86694, but then suddenly surged, rising rapidly to a high around 90625. Similarly, Ethereum also experienced a dip around noon, hitting a low of 2156, followed by an upward trajectory, reaching a high of 2272.
From a daily chart analysis, the candlestick pattern shows a downward pin bar with a closing price near 87000. The Bollinger Bands continue to open downward, signaling a market decline; however, while the MACD moving averages are gently declining, the selling volume is gradually decreasing, indicating a weakening of bearish forces. The KDJ line is turning upward, injecting some bullish hope into the market. Looking at the 4-hour chart, the Bollinger Bands are gradually flattening, suggesting that short-term market volatility is stabilizing. After hitting a bottom, the market rebounded to near the middle band of the Bollinger Bands, with the MACD moving averages running smoothly, further decreasing selling volume, and the KDJ line maintaining an upward trend, seemingly indicating that bullish momentum is gathering in the short term.
Buy Bitcoin around 89200-89500, targeting 92400-93000
Buy Ethereum around 2180-2200, targeting 2275-2300
