Analyst Chen Shu: Bitcoin and Ethereum Market Strategy at Midnight on November 29 * Focus on the effectiveness of the short strategy around the 9.52 support level
The analysis provided on the afternoon of November 28 suggested a short strategy, with Bitcoin indicating a short position around 9.57/9.63, and Ethereum following Bitcoin to short simultaneously. After a peak rebound to 9.62, it retraced and executed a short-term pullback. After entering the short position, profits were made. Currently, the price is oscillating narrowly around 9.5. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, today it is currently forming a small bearish candle, with the price holding above the MA5 daily moving average. Pay attention to whether it loses the daily MA5 (9.48); if it does, a further pullback will continue. On the 4-hour chart, the price is mainly oscillating around the MA5/30 daily moving averages. Focus on the breakthrough and stabilization of the MA30 daily moving average resistance level, as well as the gain or loss of the MA256 daily moving average (9.52) on the 1-hour level. It is expected that the market trend will be consistent with the analysis from the previous days, mainly oscillating widely around the 1-hour MA256 (9.52), with 9.52 serving as a short-term dividing line for long and short positions.
From the daily chart of Ethereum, after a strong rise to 3680 and closing with a large bullish candle yesterday, the rebound trend today has not continued and has instead shown a short-term pullback. Currently, it is testing the 4-hour MA10 daily moving average. If it loses 3560, it will pull back to the daily MA5/10 daily moving averages at 3460/3360. At present, the likelihood of a pullback to 3460 is quite high, and the afternoon analysis article suggested a short strategy following Bitcoin.
Midnight Operational Thoughts (Written at: 00:00):
BTC: Short around 9.55/9.63, target below 9.4; light long at 9.4/9.32, target around 9.6
ETH: Long around 3460/3430, target 3550; continue to short around 3600 following Bitcoin's operations
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