Analyst Chen Shu: Bitcoin and Ethereum significantly retraced to focus on the support level of 8.9, pay attention to signs of a bottom.

From the daily chart, Bitcoin has closed with two consecutive bearish candles, essentially giving back the gains from the previous days. The current price has fallen below the MA10 daily moving average, with the next support level at the MA30 daily moving average, which is around 8.9. During the day, we should watch whether the price can find support at this level. On the 4-hour chart, the short-term price is approaching the MA256 daily moving average at around 8.95, so we need to see if this level can hold. Meanwhile, on the 1-hour chart, the current price is contesting the MA256 daily moving average at around 90,000, and we should pay attention to the direction of this contest.

From the daily chart, Ethereum has also closed with two consecutive large bearish candles. If the price continues to decline, the support levels to watch are the MA30/60 daily moving averages at 3050/3030. First, we should focus on the effectiveness of support at this level. On the 1-hour chart, the lower support level to watch is the MA256 daily moving average at around 3080, and it is expected to oscillate around this level for adjustment.

Afternoon trading strategy (writing time: 18:10):

BTC: Long with a small stop loss at 8.9/8.8, targeting a rebound of 1-2000 points; for a rebound to 9.05/9.15, short and look for 8.9/8.8.

ETH: Long at 3050, add to the long position on a pullback to 3000, targeting 3100/3150; for the upper levels of 3130/3180, short and look for a pullback of 6-100 points.

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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