Analyst Chen Shu: November 7 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Bullish Sentiment Continues to Ferment, Keep Going Long on Dips
On November 6, I published an article suggesting a long strategy on dips, recommending to go long at 7.36/2580. Bitcoin retraced to a low of 7.26, while Ethereum maintained a strong rebound after entry, reaching a high of 2668. The long position captured a profit of 80 points, and the long strategy was correct. Currently, the short-term trend follows the U.S. stock market's strength. Please see the analysis below for operational guidance.
From the daily chart of Bitcoin, the price surged to a high of 7.54 during the election market, setting a new historical high. The daily chart shows a clear bullish trend. After the price previously retraced to the daily MA30 moving average, it effectively rebounded upwards. The weekly chart also shows a significant bullish trend. Overall, it is recommended to focus on going long on dips; the 4-hour chart indicates that the price is currently running above the MA5/10 moving averages. Although there was a brief stagnation above 7.4, the overall bullish trend remains evident. If there is a retracement opportunity, consider going long.
From the daily chart of Ethereum, today also closed with a large bullish candle, with an increase of nearly 10%. The price is approaching the daily MA120 moving average (2680) resistance level. Previously, the price touched this level twice, both resulting in significant retracements. Pay attention to whether the current election-driven rally can help Ethereum break through the daily MA120 moving average resistance, while also monitoring the weekly MA60 moving average (2710) resistance.
Midnight Operational Thoughts (Written at: 00:30):
BTC: Light long positions near 7.36, add to long positions near 7.3 on dips, target 7.45/7.5 above for potential reduction.
ETH: Light long positions in the 2630-10 range, add to long positions at 2580 on dips, target above 2700 for potential reduction.
Note: Although the overall market is driven by the election, it is a fact that Bitcoin has broken through historical highs. The bullish sentiment in the market has been ignited. Although there is short-term selling pressure due to profit-taking, the outlook remains positive for further upward breakthroughs. Wait for retracement opportunities to go long.
The daily analysis strategy has a 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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