Market analysis on February 24th

Currently, the trend of BTC is at a crucial point. From the daily chart perspective, it is facing a turning point. The magnitude of this turning point should not be underestimated, as it will bring great risks and opportunities to investors. Therefore, investors must strictly implement risk control measures, whether it is the reasonable allocation of positions or setting strict stop-loss orders in contracts, they need to be treated with caution and not taken lightly.
( See the support and resistance levels in the image below
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As far as short-term operation within the day is concerned, there is relatively little room for BTC to operate short. Pay close attention to the opening of the US stock market in the evening. As an important indicator of the global financial market, the trend after the opening of the US stock market often has a profound impact on the BTC market. Wait for the opening of the US stock market, and then place an order after the market situation becomes clearer, not only can reduce investment risks, but also increase the probability of profit.
A few days ago, Ethereum performed strongly, and the reasons behind it have been analyzed before. Due to the large-scale theft suffered by BYB, it will inevitably need to repurchase corresponding assets. On the one hand, it is used to repay assistance to friendly parties, and on the other hand, it also needs to replenish ETH reserves, and will continue to buy in the future. However, with such a huge loss of funds, BYB will definitely recoup funds from other channels, which requires vigilance against possible abnormal market fluctuations in the future, especially for tokens with high BYB holdings.

From the perspective of the small level trend, the strong resistance level at the upper 2850 range of Ethereum is obvious. Once successfully broken through, the subsequent volatility of the market may be quite significant. It is important to focus on the key support level of the daily Bollinger mid-track at 2700 on the downside.