Analyst Chen Shu: On February 23, the panic index for Bitcoin and Ethereum reached a low point. Where is the turning point for the market rebound?

From the daily chart of Bitcoin, the daily line has maintained a weak oscillating market for nearly half a month, with prices consistently suppressed by the MA5/10 daily moving averages. If it can successfully break through and stabilize above this line in the short term, the weak downward trend may end, transitioning to a consolidating trend. In the 4-hour level, as the MA120 daily moving average continuously declines, the upper price resistance range is between 6.73 and 6.87. In the short term, focus on the breakthrough and stabilization of this resistance range. The panic index is approaching a freezing point low; if this round of decline slows down, it is expected to end and enter a phase of corrective rebound.

From the daily chart of Ethereum, the daily line also maintains a weak oscillating market, and the current decline has not created a lower position. In the short term, focus on whether it can break through and stabilize at the MA5/10 daily moving average, specifically the price range of 1950-2000. At the 4-hour level, pay attention to the stabilization situation around the 2000 line. If it stabilizes, it is likely to continue maintaining the rebound trend. This line is also the key resistance position of the MA256 daily moving average at the hourly level. It is recommended in operations to look for low points and consider building long positions.

Afternoon operational thoughts (writing time: 19 : TC: Buy at 6.6, add more at 6.5 on pullback, target 6.8/6.9; consider shorting at 6.9/7 for short-term operations, primarily long with secondary shorts.

ETH: Buy more at 1900, add more at 1850 on pullback, target 2000; consider shorting at 2050/2100 for short-term operations.

The daily analysis strategy has an extremely high win rate! Analysis is not easy, hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave a message for discussion below; I will respond to each one.

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