Daily market review and thoughts: March 5th 🔥
#BTC (four-hour timeframe).🪙
On the expected bounce, Bitcoin overcame the $86,000 resistance level and hit the next one at around $89,000.
The line of the RSI indicator has overcome the 50 mark, which preserves the chances of another attempt to storm the designated seller's zone.
There is an important dynamic resistance level in the area of $90,500, represented by the exponential moving average EMA 200 from the daily timeframe.
We expect a reversal of the price movement from it.
On a rollback, we expect Bitcoin to descend to a local minimum at around $81,500, which will trigger stop losses for long positions before a new wave of growth.
Interestingly, over the last week of trading, the most liquidity accumulated in the region of $95,000.
Therefore, after a local correction, we expect a subsequent recovery of Bitcoin to this level, possibly based on new positive news from the Trump administration.
#ETH.🔷
The asset adjusted to the level of $1,995, where the pressure of buyers increased.
On the upward movement, Ethereum overcame the resistance level of $2,150, the next block of the seller is in the area of $2,260.
The total market value of digital assets has increased by 5.5% over the past day, while the dominance of the main cryptocurrency has lost 0.2%.
To continue the local market recovery, Bitcoin needs to consolidate above the trading level of $89,000.
If you got your own thoughts upon the current market state, feel free to share with me😉 👇
@bybitpro_michaelpettison
#BTC (four-hour timeframe).
On the expected bounce, Bitcoin overcame the $86,000 resistance level and hit the next one at around $89,000.
The line of the RSI indicator has overcome the 50 mark, which preserves the chances of another attempt to storm the designated seller's zone.
There is an important dynamic resistance level in the area of $90,500, represented by the exponential moving average EMA 200 from the daily timeframe.
We expect a reversal of the price movement from it.
On a rollback, we expect Bitcoin to descend to a local minimum at around $81,500, which will trigger stop losses for long positions before a new wave of growth.
Interestingly, over the last week of trading, the most liquidity accumulated in the region of $95,000.
Therefore, after a local correction, we expect a subsequent recovery of Bitcoin to this level, possibly based on new positive news from the Trump administration.
#ETH.
The asset adjusted to the level of $1,995, where the pressure of buyers increased.
On the upward movement, Ethereum overcame the resistance level of $2,150, the next block of the seller is in the area of $2,260.
The total market value of digital assets has increased by 5.5% over the past day, while the dominance of the main cryptocurrency has lost 0.2%.
To continue the local market recovery, Bitcoin needs to consolidate above the trading level of $89,000.
If you got your own thoughts upon the current market state, feel free to share with me
@bybitpro_michaelpettison
