Analyst Chen Shu: The expectation of interest rate cuts on August 23 drives a significant price increase, midnight market analysis/with trading strategy
Market Analysis: Bitcoin's price surged significantly in the evening following Powell's speech, currently closing with a large bullish candle on the daily chart and breaking above the MA30 daily moving average. On the 4-hour chart, the key short-term resistance level is at the MA256 daily moving average of 11.72. Pay attention to the breakout and stabilization at this level; if it stabilizes, it will return to a bullish trend. For Ethereum, a significant increase of 10% has pushed it back above 4600, and the weekly chart has formed a long lower shadow closing in the red. If Ethereum closes in the red this week, it will likely rise again in the future, with a support level at 4560.
Trading Strategy (Posted at: 00:00):
BTC: Short at 11.7/11.8, target 11.55/11.45; consider going long around 11.45
ETH: Short at 4650/4700, target 4560/4350; consider trying long around 4450
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