Analyst Chen Shu: Can the drop on August 2 stabilize for bottom fishing and going long? Evening analysis and strategy for Bitcoin and Ethereum.

From the daily chart of Bitcoin, it has consecutively formed two days of solid bearish candles, with the price dropping to the 11.3 level. If the daily line continues to decline, the support to watch below is at the 10.95 level. On the 4-hour chart, the price dropped to the MA256 daily moving average at the 11.26 level yesterday. In the short term, pay attention to this support level; if it is completely lost, a new downward channel will open. The resistance level to watch is at 11.6. At the current position, it is possible to consider a small position for bottom fishing to take advantage of the rebound correction after the oversold condition.

From the daily chart of Ethereum, it formed a large bearish candle yesterday, breaking below the previous consolidation low of 3515. Watch whether it can close above 3515 again. The short-term resistance level to watch for a rebound is at 3580. Currently, below 3500, it is still possible to choose to bottom fish and go long, looking for a rebound in the downward continuation pattern, with support levels at 3430/3370. Afternoon trading thoughts (writing time: 22:00):

BTC: Go long at the current price of 11.33, add to the position at a pullback to 11.28, target 11.58/11.65, wait for a rebound opportunity for short positions.

ETH: Go long at the current price of 3500, add to the position at a pullback to 3460, target 3580/3650.

The daily analysis strategy has a very high win rate! Analysis is not easy, so I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one.

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