Analyst Chen Shu: 8.29 Short Position Profits Again, Focus on 110,000 Support, Bitcoin and Ethereum Market Analysis

From the daily chart of Bitcoin, the price rebounded yesterday and tested the MA10 moving average resistance level but failed to break through and stabilize. In the short term, we are currently looking at a pullback with a focus on the MA120 moving average at the 110,000 level. If this level is lost, the market will likely experience another one-sided pullback. On the 4-hour chart, the short-term is clearly under pressure from the MA60 moving average, indicating a bearish trend. It is recommended to continue to treat rebounds as shorting opportunities.

From the daily chart of Ethereum, yesterday closed with a small red doji and is currently below the MA5/10 moving averages. The key support below is the MA30 moving average at the 4,230 level. On the 1-hour chart, the short-term is still oscillating around the MA256 moving average at the 4,490 level. Pay attention to the effective loss of this level; if it is lost, the market will continue to pull back, with a key focus on the 4,480 level.

Afternoon Trading Strategy (Written at: 14:30):

BTC: Short at 11.17, add to short at 11.25 on rebound, target 110,000/109,000; near 110,000/109,000, small stop loss to try going long around 11.1.

ETH: Short at 4,485, add to short at 4,530 on rebound, target 4,350/4,300; near 4,300/4,250, small stop loss to try going long.

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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