Bitcoin rebounded to 94,900 before pulling back. This coincides with the first oversold rebound resistance on March 3. However, based on the pullback magnitude, the rebound has not yet ended. After a short-term adjustment, it will continue to rise. As we reminded in yesterday's video, there is still an upward wave 5 targeting 0.618—0.786, which is 96,000—102,000.
The beautiful valley has continuously rebounded, with the Nasdaq at 1.69%, the S&P 500 up 1.23%, and the Dow Jones up 0.62%. For the U.S. dollar index, both the large and small harmonic patterns are bullish. A rebound to 0.886 or a return to the previous upward trend line before continuing to drop significantly will confirm the bottom. Therefore, whether Bitcoin can complete the shark pattern depends on how long the U.S. stock market can sustain its momentum.
Bitcoin
There is support around 91,600 on the 4-hour chart, with the pullback magnitude lower than our previous prediction of 88,000—89,000. After the 4th wave adjustment, we continue to look for a 5th wave rebound, targeting 96,000—102,000. If a significant upward spike occurs, it will be necessary to reduce positions. The completion of the shark pattern is at 106,000, which will depend on the strength of the beautiful valley's rebound.
The daily MACD is still in a bullish phase, and the RSI continues to rebound, with short-term support at MA200, currently also bullish. Friends looking to short should still wait and go with the trend.
Support: 88,696—91,619
Resistance: 96,000—102,000—106,000
Ethereum
Continue to look bullish on the pullback, and based on previous logic, Bitcoin—Ethereum—Altcoins—MEME, we will observe the supplementary rise after Bitcoin's 5th wave rebound, with the target still looking towards 2,000—2,100.
Regarding altcoins: SUI has already risen over 30% since our reminder, and you can also pay attention to FET, XRP, TRUMP…
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Official account: BTC Trading Prince Fusu
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