Analyst Chen Shu: 8.8 High Position Consolidation and Pullback, Midday Bitcoin and Ethereum Market Analysis Strategy

From the daily chart, Bitcoin closed with a bullish candle yesterday, rebounding to the daily MA30 moving average resistance level at 11.7 before slightly retreating. In the short term, pay attention to whether the price can stabilize above 11.7 again. The upper resistance level to watch is the densely traded area around 11.8. If it breaks through, the next target will be the previous high resistance level at 12. From the 4-hour chart, after a short-term pullback to the MA256 moving average, it is currently approaching the MA120 moving average resistance level at 11.67. Although there has been a slight pullback in the short term, it is still recommended to treat it as a buying opportunity on the pullback, with the lower entry position for long positions referencing the MA10 moving average on the 4-hour chart.

From the daily chart, Ethereum closed with a large bullish candle yesterday, breaking through recent high resistance. The weekly level also closed with a large bullish candle, engulfing last week's bearish candle. From the 4-hour chart, it is currently peaking above 3900 in the short term, and attention should be paid to whether it can drop below the MA5 moving average and pull back to the MA10 moving average at 3820. If it pulls back to this level, a long position can be entered, targeting the high point around 4100.

Midday Trading Thoughts (Written at: 17:30):

BTC: Buy at 11.62, add to long at 11.56 on pullback, target 11.8/11.9, consider short positions at 11.8/12.

ETH: Buy at 3850, add to long at 3820 on pullback, target 3950/4100.

The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one.

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