Trader Chen Shu: 9.8 noon Bitcoin and Ethereum market strategy * No. 1, weak rebound, pay attention to the breakthrough of 54800 pressure level
9. 7th noon article summary: Yesterday Saturday, the current price long position strategy of Bitcoin and Ethereum was given, and it was recommended to go long at the current price of 54200/2280. The highest price rose to 54800/2310 yesterday. At the same time, the strategy of adding more positions at 5.4/2260 was also given. The average price of long orders should be at a lower position. At present, long orders continue to hold red short-term fluctuations. Please see my analysis below for how the market will fluctuate next.
From the daily chart, Bitcoin closed with a small upper shadow yesterday, and it is closing red again today. The pressure level of the daily rebound is the MA5 daily moving average (55300). From the 4-hour chart, after the shock adjustment last night, the current price is standing on the MA5/10 daily moving average in the short term. If it can stand firm, it will continue to rebound and test MA30 (55800). The key pressure level of the intraday rebound is the high point of yesterday's pullback, 54800. Here is also the 15/30-minute moving average suppression. If it breaks through this line, it can be bullish to the 5.55 line. Otherwise, it will continue to fluctuate and adjust during the day.
For Ethereum, the daily line closed red yesterday and is currently approaching the MA5, i.e., the 232 line. If it can break through and stand firm at the daily level of 2320, it will look at the 2400 pressure level. Pay attention to the pressure level breakthrough of the price band of 2300-2310 during the day. If it can break through and stand firm, the rebound will continue for a while.
Lunch operation suggestions:
BTC: Continue to hold long positions near 5.4 yesterday, pay attention to the breakthrough of 5.48 pressure level, target 5.48 within the day, reduce positions and hold to 5.5 within the day
ETH: Continue to hold long positions near 2270 yesterday, pay attention to the breakthrough of 2310, target 2310 within the day, reduce positions and hold to 2350 within the day
Note: The weekend volatility is not large. If Bitcoin falls below yesterday's callback low of 536, long positions need to consider temporarily leaving the market, and treat it as a narrow range of fluctuations within the day.
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