Analyst Chen Shu: 11.23 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Pullback Confirms Support, Again Bouncing Upward, Bullish Trend Remains
On November 22, the midday analysis provided a long position strategy. Bitcoin suggested a long position at 9.8, and Ethereum at 3350. Before the US market opened, a pullback occurred with Bitcoin dropping to the 9.7 level and Ethereum to 3260-3300. Currently, after a short-term pullback, how to operate as it rises again is detailed in the following analysis.
From the daily chart of Bitcoin, today’s daily candle is currently a doji, just a step away from the $100,000 mark. The upward momentum during the day is limited, and with the weekend approaching, the bullish trend is slightly slowing but remains unchanged; on the 4-hour chart, there have been two consecutive green candles, but the overall trend remains above the MA5/10 daily moving averages. Although the bullish momentum is temporarily slowing, it does not affect the strategy of pulling back to go long. Pay attention to the support and loss of the MA10 daily moving average on the 4-hour chart; if it fails to hold, we will look for a pullback to the MA30 daily moving average.
From the daily chart of Ethereum, after yesterday's significant rise, today has seen a pullback with a small bearish candle. If a larger pullback occurs again, the upper pressure level of 3400 will form a short-term double top structure; on the 4-hour level, there have been consecutive green candles, pulling back to the MA10 daily moving average. If 3300 fails to hold, it will return to the 3150 range for consolidation.
Midnight Operation Strategy (Written at: 00:00):
BTC: Light long position near 9.81, add to long at a pullback to 9.65, target at around 9.9;
ETH: Light long position near 3200, add to long at a pullback to 3160, target at 3250/3300.
Note: As we are about to enter the weekend, trading volume decreases and volatility also diminishes. Although tonight's US market did not continue to break upward, the overall trend remains bullish. For short-term support, just focus on the MA5/10 daily moving averages on the 4-hour chart; for Ethereum, we will first look for a weak pullback trend.
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