Analyst Chen Shu: Is the bottoming out on 8.27 a rebound? Analysis of Bitcoin and Ethereum market trends

From the daily chart of Bitcoin, the price dipped below the MA120 daily moving average yesterday and closed with a small red candle. It is currently rebounding to the key resistance level of MA11.23 on the daily chart. Today, we should focus on the breakout situation at this level. Until it breaks through, we should treat it with a bearish trend. On the 4-hour chart, the short-term price clearly encountered resistance and fell back at the 11.23 level. We should pay close attention to the breakout and stabilization of the pressure price range between 11.23 and 11.3. I expect the price to test the low point of 10.9 again. If the low point of 10.9 is tested multiple times without breaking, we can consider going long to look for a rebound.

From the daily chart of Ethereum, yesterday closed with a small bullish candle, and the price has once again reached the high point of around 4600. For short-term support, we should pay attention to the gains and losses around the 4560 level, while the resistance level is around 4690. For short-term operations, we can treat this small range. Additionally, we should focus on the pressure level of 4640, which coincides with the MA120 daily moving average on the 1-hour chart and the MA30 daily moving average on the 4-hour chart. We need to watch whether the price can break through this level.

Afternoon trading strategy (writing time: 14:30):

BTC: Short at 11.22, add to short at 11.3 on rebound, target 11,000/10.9; try to go long near 10.8/10.9 with a small stop loss.

ETH: Small position short at 4630, add to short at 4680/4760 on rebound, target 4560/4530; try to go long near 4460/4400 with a small stop loss.

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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