Analyst Chen Shu: 8.30 Short Position Profits Again, Focus on 110,000 Support, Bitcoin and Ethereum Market Analysis

From the daily chart of Bitcoin, yesterday closed with a large bearish candle, directly breaking below the MA120 daily moving average. The weekly chart has also consecutively closed with bearish candles, and the MACD is about to form a death cross, indicating that the bullish trend is basically over. The support below to watch is the daily MA256 moving average at 10.06. It is expected that the subsequent market will continue to fluctuate and decline until it tests the support at 10.06, as well as the weekly MA30 moving average at 10.1. In terms of operations, it is recommended to continue shorting on rebounds.

From the daily chart of Ethereum, yesterday closed with a bearish candle, and the price retraced to the daily MA30 moving average at 4250. In the short term, pay attention to whether 4250 is lost. If it holds, there will be a slight adjustment; if it is lost, the bullish trend will basically end, entering a correction phase. This level is also the MA5 moving average on the weekly chart. In the short term, one can try to go long with light positions around 4250, looking for a short-term rebound.

Midday Operation Strategy (Written at: 11:30):

BTC: Short at 10.95, add to short at 11.08 on rebound, target 10.9/10.8, medium-term target looks at 10.1.

ETH: Short at 4450, add to short at 4530 on rebound, target 4300/4250; near 4300/4250, small stop loss to try going long for a 100-point rebound.

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

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