Analyst Chen Shu: 11.8 Bitcoin and Ethereum Market Strategy *No. 1, last night's long position successfully took profit, and the intraday pullback continues to go long.
On November 7th, midnight analysis provided a long position at 7.57/2840, which rose to the target point of 7.65/2950, with a profit of 1000/100 points. Congratulations to those who followed the operation. Currently, the short-term narrow fluctuations continue to maintain strength. Please see the following analysis for how to operate.
From the daily chart of Bitcoin, yesterday formed a doji with upper and lower shadows, and the price once again refreshed the historical record, reaching a high of 7.68. The key focus is on the trend after the opening of the US stock market in the evening. The daytime Asian and European market trends are mainly characterized by narrow fluctuations, lacking directional selectivity. The focus is still on the evening US stock market opening. In the short term, pay attention to the gains and losses of the 4-hour MA5/10 moving averages. If it continues to hold above the 4-hour MA5/10 moving averages, then the short-term may continue to rebound and break through. Conversely, if it loses this level, we will look at a consolidation trend, with short-term support focusing on the 7.55 level.
From the daily chart of Ethereum, yesterday once again closed in the red, with the price testing the weekly MA30 moving average (2960) but failing to break through in one go. The current daily resistance level is focused on the MA256 moving average (3070), while the support level can be observed at the 4-hour MA5/10 moving averages. As long as this level is not lost, it will continue to maintain a strong bullish trend.
Afternoon Operation Thoughts (Written at: 14:30):
BTC: Light long position near 7.56, add to the long position near 7.5 on a pullback, target at 7.65/7.7 above can reduce positions and hold.
ETH: Light long position near 2890, add to the long position at 2860 on a pullback, target at 2950/3000 above can reduce positions and hold.
Note: It is expected that there will be no major fluctuations during the daytime Asian and European markets, and there will be no directional choice. Just pay attention to whether the 4-hour MA5/10 moving averages are lost. The focus is on the direction choice of the US stock market after the opening in the evening.
The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, bookmark, like, and comment. Thank you all, and feel free to leave comments below for discussion; I will reply one by one!
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