Analyst Chen Shu: The interest rate cut expectation on August 23 led to a significant price increase, midnight market analysis / with trading strategies

Market Analysis: Bitcoin saw a significant price increase in the evening driven by Powell's speech, currently closing with a large bullish candle on the daily chart, breaking above the MA30 moving average. On the 4-hour level, the key short-term resistance is at the MA256 moving average of 11.72. Pay attention to the breakout and stabilization at this level; if it stabilizes, it will return to a bullish trend. As for Ethereum, it surged by 10% again, rising above 4600, with the weekly chart showing a long lower shadow and closing in the green. If Ethereum closes in the green this week, it is expected to rise again, with support at 4560.

Trading Strategies (Published at: 00:00):

BTC: Short at 11.7/11.8, target 11.55/11.45; consider long positions around 11.45. ETH: Short at 4650/4700, target 4560/4350; consider long positions around 4450.

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