Analyst Chen Shu: Will the price increase driven by the interest rate cut on August 23 continue? Midday analysis and strategy for Bitcoin and Ethereum

From the daily chart, Bitcoin saw a significant price increase yesterday due to favorable news, reaching the MA30 moving average line. Currently, it is under short-term pressure at the MA30 moving average line of 11.66. The focus in the short term is whether it can stabilize above this line. On the 4-hour chart, it is clearly under short-term pressure at the MA256 moving average line of 11.72. Currently, the 4-hour correction trend is evident, and the focus for the correction is on the 11.5/11.4 line. If this position holds, it will continue to maintain a range-bound trend.

From the daily chart, Ethereum broke through its historical high yesterday, reaching a peak of 4888. The daily line is currently overbought, with short-term support at the 4750 line. If it holds, it will continue to rise; otherwise, it will look to retrace to the 4650/4550 line. The key focus in the short term is whether the price can hold the 4700-4750 price range.

Midday trading strategy (written at 15:30):

BTC: Short at 11.6, add to short on a rebound at 11.66, target 11.5/11.4; a small stop loss near 11.4 to attempt a long position for a 1-2000 point rebound.

ETH: Short at the current price of 4750, add to short on a rebound at 4820, target 4650/4560; look for a 100-point rebound near 4650/4560.

The daily analysis strategy has a very high win rate! Analysis is not easy, so 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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