March 4, 2024 Bitcoin market analysis

1. Bitcoin went through a triangular convergence zone at the weekend yesterday. The highs continued to shrink and the lows continued to rise. It was possible to form an upper breakout level, breaking through the high point of 64,000 US dollars, until it reached the high point of 69,000 US dollars. It was also possible to form a lower breakout point. 60,000 US dollars, it went out of a channel and fell, and then started to rise again.

2. It broke through the high of 64,000 US dollars this morning, but judging from the smaller 5-minute trend, it immediately retraced sharply to 62,000 US dollars after breaking through 64,000 US dollars. It may be a false breakthrough, followed by a burst contract. Then it began to fluctuate above US$63,000. From the hourly level K-line, the lows continued to rise, and it is possible that a new round of upward trend will begin.

3. As of the time of publication, Bitcoin has regained $64,000. Next, we have to see whether it will stand firm. If it stands above $64,000, you can enter a position to participate, and it will break through to a new high. Once it breaks through 69,000 US dollars, there will be no pressure from above. We will continue to see the specific position.

4. When the U.S. stock market opens tonight, I personally think there will be quite a bit of fluctuation. If this breakthrough is a false breakthrough, then a correction will begin and a channel will fall. However, don’t worry, the magnitude of the decline is limited, and the decline is for Better rise, the upward trend remains unchanged.

5. In terms of operation, I will give you two suggestions. The first is to pay attention to whether the position of 64,000 US dollars will be stable. The second is to pay attention to the trend of Bitcoin after the US stock market opens tonight.

If Bitcoin stabilizes above 64,000 US dollars, you can enter a part of the position at this time, about 30-40% of the position. Secondly, pay attention to the opening of the US stock market tonight. If Bitcoin drops sharply after the opening, it is very likely to have to go for a while. The wave pulls back and opens a downward channel. It is hard to say where it will fall. It is not certain whether it will fall below 60,000 US dollars. If the downward channel opens, then positions will be gradually covered in the next one to two weeks. The decline will be limited and the market is not over. , the decline is for a better rise.

If the U.S. stock market opens and Bitcoin goes up directly, the remaining positions can be invested directly.

6. The general trend is still upward. This round of upward trend has not ended. We see 72,000 US dollars.