Analyst Chen Shu: The long position at 8.4 has successfully entered the market and profits continue to rise. Analysis and strategy for Bitcoin and Ethereum market during the afternoon.

CN
4 hours ago

Analyst Chen Shu: Successful entry into long positions at 8.4 continues to look upward, midday analysis and strategy for Bitcoin and Ethereum

From the daily chart of Bitcoin, yesterday closed with a bullish candle, forming an engulfing pattern at the daily level, and currently, it has short-term support above the MA5 moving average. The intraday resistance level to watch is around 11.6, which is also our take-profit target for long positions. Looking at the 4-hour chart, after breaking through and stabilizing at 11.4 yesterday, the trend has shifted to a short-term bullish pattern. The upper resistance level also focuses on the rebound high of 11.6 from the evening of August 1. In terms of operations, we still treat it as a buy on dips, and for short positions, we will consider them when approaching around 11.6.

From the daily chart of Ethereum, yesterday also closed with a small bullish candle, and the price is currently touching the MA5 moving average. The upper resistance level to watch is the MA10 moving average at around 3660. The key short-term position to focus on is whether it can continue to stabilize in the price range of 3530-3550, which is similar to Bitcoin's 11.4 as a previous high point of the downward rebound. The 4-hour MACD has currently formed a golden cross, and the red momentum bars are starting to expand. It is recommended to enter long positions directly on dips, and those who entered long positions earlier should hold patiently. Aggressive dip buyers can add to their long positions with floating profits.

Midday operational thoughts (written at 13:00):

BTC: Current price 11.425 to go long, add to long at 11.4 on dips, target 11.56/11.63, wait for a rebound opportunity for short positions.

ETH: Current price 3530 to go long, add to long at 3515 on dips, target 3600/3630.

The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one.

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