Zhou Yanling: Is the Bitcoin bear market over as of February 7? Latest analysis and strategies for BTC and ETH today
Finally, there has been a decent rebound. Undoubtedly, the institutions entering at low levels are an important factor in this rebound. As for whether the rebound from 60,000 to 70,000 means the bears are done, it is still too early to say. Personally, I believe this is just a baiting action, giving a small glimmer of hope to retail investors who have lost confidence. There will definitely be another dip coming back, followed by a long process of bottom consolidation. Only after the bottoming action is completed can we consider the end of the bear market and the return of the bull market. Therefore, everyone should maintain a clear mindset in their future operations, prioritize the big picture, and not be misled by temporary smoke screens. In the short term, pay attention to the support at the 60,000 level and the strength of resistance at 75,000.
From a technical perspective, the current trend shows that the daily chart for Bitcoin indicates a recent price rebound from the low of 60,000 to above 70,000, forming a large bullish candle, indicating strong short-term bullish momentum. On the hourly chart, the price is currently oscillating in the range of 69,000 to 72,000, testing the upper resistance near 71,000 multiple times. The hourly MACD histogram remains positive, with both DIF and DEA diverging upwards, indicating increased momentum; however, attention should be paid to the risk of high-level divergence. The hourly RSI is between 60 and 65, not yet in the overbought zone but close to the critical value, which may face short-term pullback pressure. The current price is stable above EMA7 and EMA30, and well above EMA120, indicating that the short-term trend remains bullish, while the long-term weakness has not been completely reversed. In terms of operations, focus on going long on pullbacks in the short term, while also paying attention to the selling pressure at the key resistance levels above.
Zhou Yanling's February 7 Bitcoin trading strategy:
Go long at 69,000-69,800, with a stop loss below 68,200, target 73,200-74,000, and continue to look for upward movement near 75,000.
Go short at 74,000-73,200, with a stop loss above 74,800, target 70,800-70,000.
Zhou Yanling's February 7 Ethereum trading strategy:
Go long at 2,020-2,050, with a stop loss below 1,980, target 2,170-2,200, and continue to look for upward movement near 2,290.
Go short at 2,200-2,170, with a stop loss above 2,240, target 2,060-2,020.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
The content of this article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in market investment research in the cryptocurrency space for over ten years, currently mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. The author has a solid theoretical foundation and practical experience, excels in combining technical and news-based operations, emphasizes capital management and risk control, and is recognized by many investment friends for a stable and decisive operating style, along with a friendly and responsible character.
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