Analyst Chen Shu: Will the price increase driven by the interest rate cut on August 23 continue? Midday analysis strategy for Bitcoin and Ethereum market
In yesterday's midnight article, a short position for Bitcoin was suggested at 11.7. After the market rebounded, the entry started to retrace, currently reaching the first target point of 11.55. Whether it will continue to retrace is analyzed below.
From the daily chart of Bitcoin, the price surged significantly yesterday due to positive news, reaching the MA30 moving average line. Currently, it is under short-term pressure at the MA30 moving average line of 11.66, and we need to pay attention to whether it can stabilize above this line; on the 4-hour chart, it is clearly under short-term pressure at the MA256 moving average line of 11.72. Currently, a downtrend is evident on the 4-hour chart, and we first focus on the 11.5/11.4 line for retracement. If this position does not break during the retracement, it will continue to maintain a fluctuating trend.
From the daily chart of Ethereum, the price broke through the historical high yesterday, reaching a peak of 4888. The daily chart is currently overbought, with short-term support at 4750. If it holds this level, it will continue to rise; otherwise, it will look to pull back to 4650/4550. The short-term focus is on whether the price can hold the 4700-4750 price range.
Midday operation thoughts (writing time: 15:30):
BTC: Short at 11.6, add short on rebound at 11.66, target 11.5/11.4; near 11.4, a small stop-loss attempt to go long for a 1-2000 point rebound.
ETH: Current price short at 4750, add short on rebound at 4820, target 4650/4560; near 4650/4560, look for a 100 point rebound.
Daily analysis strategy has a very high win rate! Analysis is not easy, so I hope everyone can give a free follow, bookmark, like, and comment. Thank you all, and feel free to leave a message for discussion below; I will reply to each one. $BTC
