Analyst Chen Shu: The downtrend of Bitcoin and Ethereum continues, focus on major support at 55,000

From the daily chart of Bitcoin, the price dropped significantly again yesterday, breaking through the support at 60,000. On the weekly level, it has recorded three consecutive weeks of large bearish candles. The major support to watch below is the MA256 daily moving average at 55,500. If the downtrend continues, it may test this support line. It is recommended to be cautious in participating in long positions until a significant rebound occurs. In terms of operations, it is suggested to continue shorting on rebounds.

From the daily chart of Ethereum, the price has dropped to a low point of around 1,730 with little rebound strength. The overall trend is still maintaining a bearish outlook. On the weekly level, it has broken below the MA256 daily moving average for nearly a week without a significant rebound or signs of a bottom. It is estimated that it will continue to decline in the short term, with support focusing on the previously broken low point at around 1,400. If Bitcoin tests the low point at 55,500, Ethereum is likely to test the 1,400 level.

Afternoon trading strategy (written at 11:30):

BTC: Short at 6.85, add to short at 6.95 on rebound, target 6.6/6.5; consider long positions at 5.5 or if a continuous rebound occurs.

ETH: Short at 2,000, add to short at 2,060 on rebound, target 1,900/1,800; consider long positions at 1,400 or if a continuous rebound occurs following Bitcoin.

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; I will reply to each one.

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