Analyst Chen Shu: November 7 Afternoon Bitcoin and Ethereum Market Strategy *1, Prices Hit New Highs, Short-term Focus on Pullback Long Opportunities
In the article on November 6, a pullback long strategy was provided, suggesting to go long at 7.36/2580. Bitcoin retraced to a low of 7.26, while Ethereum maintained a strong upward trend after entry, reaching the take-profit point at 2680. The long position secured over 100 points in profit, and the long strategy was correct. Currently, with a slight pullback in short-term stagnation, please see the following analysis for operational guidance.
From the daily chart of Bitcoin, yesterday saw a large bullish candle, once again hitting a new high of 7.64. The overall market remains strongly bullish, with no signs of a pullback in the short term. Daily support is focused on the previous high of 7.36. On the 4-hour chart, there have been two consecutive bearish candles, indicating initial signs of a short-term pullback. The price has also fallen below the 4-hour MA5 moving average. Watch whether the price will pull back to the 4-hour MA10 moving average (7.36). On the 1-hour chart, the price has also shown consecutive small bearish candles, focusing on the pullback strength at the 1-hour MA30 moving average (7.43).
From the daily chart of Ethereum, the consecutive two days of upward movement have driven the price to directly break through the daily MA120 moving average (2680) resistance. The current price is above 2800, with resistance levels at 2955/3070. The 4-hour chart is currently very strong, focusing on short-term pullback long opportunities.
Afternoon Operational Thoughts (Written at: 13:30):
BTC: Light long near 7.36, add to long near 7.3 on pullback, target at 7.45/7.5 above for possible reduction of position.
ETH: Light long near 2770, add to long near 2740 on pullback, target at above 2900 for possible reduction of position.
Note: The overall market is still maintaining a strong one-sided trend, with no significant pullback observed. Trading should still focus on going long, but do not chase the market; patiently wait for pullback opportunities to go long.
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