Analyst Chen Shu: 11.16 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Short-term Strengthening Again, Need to Go Long on Pullbacks
On November 15th, the afternoon analysis provided long and short strategies, suggesting a short position near 8.9 for Bitcoin and a long position at 3060/3020 for Ethereum. Bitcoin rose to around 92,000 during the day, while Ethereum subsequently increased to 3160, securing over 100 points on the long position. Currently, for short-term high-level consolidation, please refer to the following analysis.
From the daily chart of Bitcoin, it once again closed with a large bullish candle yesterday and broke above the MA5 daily moving average, indicating a strengthening upward trend. The weekly chart also closed with a large bullish candle, showing a clear bullish trend. The support level to focus on is the daily MA5 moving average; on the 4-hour chart, the current price is moving upwards along the MA5/10 and is about to test the historical high of 93,200 again. Short-term support should be monitored at the MA5/10 moving averages and the MA30 moving average.
From the daily chart of Ethereum, the basic trend is consistent with yesterday's article analysis. After a pullback to the daily MA256 moving average, there is support. The short-term rebound encountered resistance at the MA5 moving average after a nearly 200-point rise. The focus should continue to be on whether the support at the daily MA256 moving average (3060) is effective.
Afternoon Trading Strategy (Written at: 17:20):
BTC: Light long position near 90,000, add to long at 8.9, target at 92,000
ETH: Light long position near 3065, add to long at 3040, target at 3150
Note: Currently, Bitcoin is still in a bullish trend, returning above the MA5 on the daily chart, and the weekly chart also shows a clear bullish trend with no significant topping signals. Wait for pullback opportunities to go long. It is expected that there will be little fluctuation on Saturday, with the trend direction to be observed on Sunday evening.
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