Analyst Chen Shu: 5.11 Midday Bitcoin and Ethereum Market Analysis Strategy, Prices Remain Strong and Continue to Rally
From the daily chart, Bitcoin closed in the green again yesterday, rising to the 10.5 line high, with bullish momentum continuing as prices remain above the MA5 daily moving average. For the 4-hour chart, short-term support can be found at the MA5/10 daily moving averages and the 10.35 line, while resistance is seen at the daily line of 10.65. Day trading should focus on buying on dips.
As for Ethereum, from the daily perspective, it continued its previous significant rise, directly breaking through the $2600 high yesterday. The daily chart is currently at the MA256 daily moving average resistance level of 2650, as well as the weekly MA30 daily moving average of 2700. On the 4-hour chart, prices are steadily rising along the MA5 daily moving average; buying on dips can continue to target 2650/2700.
Midday trading strategy (written at 14:00):
BTC: Buy at 10.36, add to position at 10.28, target 10.45/10.5; consider entering short positions at 10.65.
ETH: Buy at 2540, add to position at 2500, target 2600/2650/2700; consider entering short positions at 2650/2700.
Daily analysis strategy has a 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 for discussion; I will reply to each one!
