Analyst Chen Shu: August 10 Bitcoin Tests Breaks Resistance Level, Midday Bitcoin and Ethereum Market Analysis Strategy

From the daily chart, Bitcoin has successfully broken through the upper line of the descending trend line at the 11.67 level after today's rise. If it can hold this line on a pullback, it will have successfully broken the daily level descending channel, turning into a bullish trend with a target of 120,000. Currently, the 4-hour chart shows a strong bullish candle; if it pulls back and does not break the 11.67 line, it can continue to go long. The weekly level resistance is at the 120,000 mark.

From the daily chart, Ethereum has shown some weakness in the bulls after four consecutive daily gains. The daily chart currently shows a double top at the 4330 level. If the daily chart cannot close in the green and continue to push higher, it may face a short-term pullback correction. The support for the pullback should first focus on the 4000 level. On the smaller 4-hour chart, the current price is pulling back to the MA5 daily moving average at the 4230 level for a consolidation adjustment. The lower support should first focus on the MA10 daily moving average at the 4160 level. The key focus is on how the daily chart closes today. Midday trading strategy (writing time: 15:00):

BTC: Long at 11.68, add to long on pullback at 11.62, target 11.8/11.9

ETH: Short at 4250, target 4160, buy at 4160 and look for 4230 (short-term suggestion is to treat it as range trading and wait for a breakout)

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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