Trader Chen Shu: Bitcoin and Ethereum market strategy No. 1 in the early morning of September 12, how to operate in the future after the CPI bullish wash?
Summary of the article on the evening of September 11: A long order of 5.64/2320 was given last night. After the CPI data showed bullishness, it rose and fell. Risk warnings have been made in advance in the comment area of the article. If there are still long orders, it is recommended to exit above 5.7. It is highly likely that it will not be able to directly break through 5.8 to 5.9-60,000. There is basically no obvious mistake in the analysis strategy in September. At present, the short-term V-shaped reversal has come to 5.7 again. Please see my analysis below for how to operate next.
Bitcoin daily chart shows that it currently has a long lower shadow and the price has returned to above the MA10 daily moving average. In the evening, it has a V-shaped reversal due to the data and the US stock market. The daily level should still be viewed as a bullish position, but the current market has no continuity and cannot be reached in one go. It needs to be adjusted repeatedly and is a wide range of fluctuations. I have mentioned this in my analysis last night; at the 1-hour level, MA60 currently overlaps with 256 days and is about to cross the 256-day moving average. The support level is 5.65/5.56 first, and try to treat it as a range first.
As for Ethereum, Ethereum's trend is relatively weak, and the amplitude is not large. At present, the daily line is still suppressed by the pressure level of 2370 of the MA10 daily moving average and cannot break through. This position is constantly being revised downward. It is difficult to break through in one fell swoop before it completely stands on the daily MA10. The operation rhythm should be kept consistent with Bitcoin.
Early morning operation suggestions:
BTC: Go long in the 5.66-62 range, target 5.75 first, reduce position and hold to 5.8/5.88 after breaking through; go short with a light position around 5.75-5.8, target around 5.68 (mainly long)
ETH: First operate in the 2300-2380 range with high sell and low buy, and it is expected to fluctuate for 1-2 days after breaking through 2380-2400
Note: Bitcoin's bullish trend cannot fall below the 4-hour MA60 daily average line (56400). It doesn't matter if it breaks falsely like tonight, but it cannot be recovered after breaking. Once it is confirmed to break, the long position should be adjusted in the short term. Before breaking this line, keep the bullish view to 5.9/60,000. It is expected that the next 1-2 trading days will still be mainly volatile. For real-time market strategy exchanges, you can click on my avatar to see the homepage introduction.
