Analyst Chen Shu: The market heat on August 9 remains strong with another rise. Midday analysis and strategy for Bitcoin and Ethereum.

From the daily chart, Bitcoin closed with a small bearish candle yesterday, encountering resistance at the 11.7 level. The upper pressure level to watch is at 11.8, which is a densely traded area during the previous consolidation at the 120,000 high. The key focus in the short term is whether it can break through and stabilize above 11.8. If it stabilizes, it will challenge the 120,000 mark again; conversely, if it fails to test 11.8, the phase of rising may end, leading to a pullback phase. Currently, on the 4-hour chart, it is stabilizing above the MA120 daily average, focusing on the upward test for a breakthrough at the 11.8 high.

From the daily chart, Ethereum is currently on a four-day winning streak, continuously breaking through high-pressure levels. The daily chart has directly broken through the high of 4100. The weekly level is currently showing a large bullish candle. If it pulls back without breaking the 4100-4000 price range, it is expected to rise again to test the historical highs of 4600-4800. In terms of operations, it is recommended to abandon short positions and follow long trades. Midday operational strategy (writing time: 17:30):

BTC: Long at 11.7, add to long at 11.66 on pullback, target 11.8/11.9

ETH: Long at 4170, add to long at 4130 on pullback, target 4500/4600

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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