Analyst Chen Shu: 12.18 Afternoon Bitcoin and Ethereum Market Strategy * No. 1, Watch Key Support Levels After a High Pullback
In the article analysis on the afternoon of 12.17, a long position for Bitcoin was given at 0.56/10.4, and a long strategy for Ethereum at 3920/3880. The market started to pull back down from the early morning, retreating 4000 points from the high. Currently, how to operate in this short-term weak pullback is detailed in the following analysis.
From the daily chart of Bitcoin, yesterday formed a doji, with the price reaching a short-term high at 10.8. The current price is retracing to the daily MA5 moving average (10.44). Pay attention to whether this level holds; if it fails, the short-term may continue to pull back to the MA10 moving average (10.2) for support. On the 4-hour chart, the current short-term pullback is near the MA30 moving average at around 10.36. Overall, it is expected that the price will continue to decline towards the support around 10.2, so wait for a pullback to go long.
From the daily chart of Ethereum, the high point of 4100 has formed a double top structure at the daily level. Yesterday, a solid green K-line was formed, and the price has currently retraced to the MA10 moving average. Pay attention to whether this level at 3850 provides effective support. On the 4-hour chart, the current pullback is to the MA120 moving average at around 3810, so focus on the support here.
Afternoon Trading Strategy (Written at: 14:00):
BTC: Light long positions near 10.2/10.12, target above 10.4; consider short positions near 10.5 looking for 10.2.
ETH: Light long positions near 3780/3700, target 3850; consider short positions near 3880 looking for 3750.
Medium to Long-term Trend: Although Bitcoin has shown a short-term pullback, from the daily perspective, the price remains above the MA5/10 moving averages. The pullback can only be seen as a correction; as long as this level is not completely lost, continue to look bullish. For Ethereum, the outlook remains bullish as well, although the depth of the pullback may be deeper, it does not affect the overall bullish direction.
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