Analyst Chen Shu: January 21 Bitcoin and Ethereum Market Strategy * No. 1, False Breakout True Pullback - Short then Long Operations for the Day
In the January 20 afternoon article, a long and short strategy for Bitcoin and Ethereum was provided. For Bitcoin, a long position was suggested at 10.45/10.6, while for Ethereum, a trading strategy in the 3200/3500 range was given. Following the release of positive news yesterday, the market quickly dropped to around 100,000 USD. Currently, how to operate in this short-term weak pullback is analyzed below.
From the daily chart of Bitcoin, yesterday closed with a long upper shadow red candlestick. Although the price surged, it quickly fell back to the low point near 100,000 USD. Currently, the overall market is operating below the MA5 daily moving average and above the MA10 daily moving average, while the key short-term support level to watch is at the MA30/60 daily moving averages, around 9.75/9.8. Looking at the 4-hour chart, the market may continue a wave of decline testing the lower MA120/256 daily moving average overlap at around 98,000 USD, with the resistance level first referenced at 10.28/10.35.
From the daily chart of Ethereum, the overall market is still under pressure from the daily MA60 moving average at 3530. The support below is focused on the MA120/256 daily moving average overlap at around 3100. Upon first touching 3100, a light long position can be considered. The 4-hour chart shows that the overall trend is currently weak and fluctuating, with frequent price rebounds facing resistance. Attention should be paid to the breakout direction of the range fluctuations.
Afternoon Operation Strategy (Written at: 14:30):
BTC: Light long at 9.9, add to long at pullback to 9.8, target 10.1/10.2; light short at 10.3/10.4, target near 9.8
ETH: Light short at 3330/3400, target 3200/3100; light long at 3100, add to long at pullback to 3020, target 3300/3400
The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, save, 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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