Trader Chen Shu: Bitcoin and Ethereum Market Strategy No. 2 on the evening of August 10, Analysis of the Big Trend Above 60,000
From a macro perspective, first of all, from the monthly line, the target price of Bitcoin has dropped below the MA10-day moving average this month, but it has recovered and stood above the 10-day moving average again. Although it has not yet stood above the 5-day line again, before it actually falls below the 10-day line of the monthly line, it is still necessary to view it as a bullish position at the macro trend level. At the same time, it can be seen at the daily and weekly levels that although the recent market decline is relatively strong, the overall bullish trend has not been completely destroyed after the recent rebound. For the time being, the operation should still be treated as a bullish position. Wait until the decline in the later period before considering a large-scale short position. For short-term trend analysis, please refer to the first article in the evening.
As for Ethereum, the monthly line has stepped on the support of the MA30-day moving average. The current price is completely below the MA10-day moving average, and the trend is relatively weak. Unlike Bitcoin, Ethereum is basically about to take a short trend on the monthly line. This step is that the shock cannot stand above the 10-day moving average, and it will fall to test the support of the 60-day moving average. In terms of weekly and daily lines, Ethereum's trend is also weaker, and the bearish trend is relatively strong. You can refer to the trend of Bitcoin for judgment.
Evening operation suggestions:
BTC: 60500 light position long, callback 60,000 increase position long, target 61500, break through and reduce position and hold to 62500
ETH: 2600 light position long, target 2680, break through and reduce position and hold to 2750
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