Bitcoin market analysis on March 3, 2024

1. The U.S. stock market is closed over the weekend, and Bitcoin has not fluctuated much in the past two days. Because of the approval of the Bitcoin ETF, Bitcoin and US stocks can now basically be bound.

There generally won't be significant fluctuations on weekends. Only from Monday to Friday, Bitcoin may experience some market trends.

2. At the hourly level, Bitcoin is currently out of a triangle convergence range. U.S. stocks will open tomorrow, Monday. It depends on whether Bitcoin can break through. We only need to pay attention to how the main force operates at this price, and we only need to follow it.

If there is a downward trend, or if it breaks through the resistance level of 63,300 US dollars, we will enter the position again. At this time, we need to wait more.

3. There are two trends for your reference. From an hourly perspective, it is currently a triangular convergence range. If it breaks through the upper resistance level of $63,300 and effectively breaks through the high of $64,000, then we can call back to around $63,000 again. , and enter the position after stabilizing.

I think it's completely within time and there is no need to guess the direction at this current position. But in the larger cycle, we are still bullish

4. In the second trend, Bitcoin may fall out of a channel, fall below the resistance level of $60,300, and form an upward wedge. As long as it does not fall below $50,000, it will still be a bullish pattern.

If a downward channel breaks out and falls below 60,300 US dollars, then we will continue to wait for support to appear. Once effective support appears, we can enter the position and it will rise again.

There may be an equidistant rise in the strength of the rise, and the rise goal must be to break through the previous high of $69,000.

5. I personally think that a correction is more likely. The correction will find a strong support below, and then start a new round of rise again, breaking through the previous high of 69,000 US dollars. If you don’t have a position, you can wait for the opportunity, don’t worry.