March 5th, midday Bitcoin public outlook

A top formation appears on the hourly chart, and with the recent gains being substantial, a pullback for correction is reasonable. Under the current bullish candlestick pattern, it is unlikely to see a deeper decline unless the lowest price of that bullish candle is broken. If the price falls below the upper channel line at 71,850, the correction will be smoother, targeting 70,966-70,178. Breaking above 76,000 would open up new space.

Trading suggestions:
For long positions on the right side, wait until 72,750 is supported with volume and confirmed as stable before entering;

If the rebound at 72,358 cannot be reclaimed, consider short positions. Be sure to set stop-loss orders to avoid chasing the market against the trend.