Trader Chen Shu: Bitcoin and Ethereum Market Strategies on the Evening of September 12th *1, Focus on the 5.9 Resistance Level at High Consolidation

Summary of the article on the evening of September 11th: Yesterday evening, once again gave a long position at 5.64/2320. After the CPI data showed positive news, it surged and then fell back. Risk warnings were given in the comment section of the article in advance. The highest point during the trading session rose to above 58,000, making it easy to take a thousand points in profit for long positions. The September article's strategy and mindset are basically in line with the market rhythm, so let's continue to work hard! Currently, there is sustained high-level volatility in the short term. Please see my analysis below for how to proceed next.

Looking at the Bitcoin daily chart, the current daily MA5/10 moving average has crossed to form a golden cross, and the price is approaching the 5.88/60,000 resistance level. First, see if it can break through and stabilize above the MA30 moving average (5.88) intraday. It is expected that after touching this line, there will be a small pullback. At the same time, there will be a large number of trapped positions facing selling pressure at 5.9; on the 4-hour chart, the price is currently close to the MA120/256 resistance, around 5.86/5.91. If it continues to rise to this level, it is not suitable to short immediately. It is necessary to wait for the release of bullish momentum before re-entering the market.

As for Ethereum, after continuously adjusting the moving average downwards, the price is currently above the MA10 moving average, and the next resistance level is around the MA30 moving average at 2500. Looking at the 1-hour chart, the price is currently approaching the MA256 moving average at 2370. If it can follow the rise of Bitcoin, then after breaking through and confirming support at 2370, it will test 2500.

Evening Operation Suggestions:

BTC: Light long position at 5.78, add to the position at 5.73 on pullback, initial target is to see 5.9. Upon breaking through 5.9, reduce the position and wait for a pullback for short-term trading. The ultimate target for long positions is to see above 60,000. If it can break through 60,000, it will release 1,000-3,000 points of bullish momentum. Consider shorting at 5.88/5.9/6.0 for ultra-short-term pullback positions, and gradually build a mid-term short position.

ETH: Light long position at 2340, add to the position at 2310 on pullback, initial target is 2500, or wait for a breakthrough and stabilization at 2370 to go long, and maintain synchronization with Bitcoin for entering and exiting short positions.

Note: The current bullish trend of Bitcoin is facing relatively obvious resistance levels, namely the daily MA30 and MA256 moving average pressures. Once these levels are reached, or if there is resistance at these two positions when surging, it may open a new round of large-scale pullback. Therefore, chasing higher prices requires attention to risks. Later, I will consider building a mid-term short position.

The daily analysis strategy has a very high success rate! Analysis is not easy, I hope everyone can give a free follow, bookmark, like, and comment. Thank you all, and welcome everyone to discuss in the comments below!

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