Analyst Chen Shu: 12.18 Midnight Bitcoin and Ethereum Market Strategy

Bitcoin experienced a short-term drop of 3000 points during the US trading hours, with the price retracing to the 1-hour MA30 and the 4-hour MA10 moving average. In the short term, we will first observe whether the support at these two moving average levels is effective. The daily chart currently shows three consecutive green candles. Although the short-term moving averages are diverging, the bullish trend is still maintained. The daily support is around 10.4, and in trading, we will continue to buy on the retracement.

Ethereum has followed Bitcoin's short-term retracement to the 4-hour MA30 and the 1-hour MA120 moving average. As Bitcoin has been leading the market in recent days, Ethereum has not been able to successfully break and hold above the 4000 USD mark. In the short term, we will focus on the gains and losses of the MA5/10 moving averages for support, and we will conservatively look for buying opportunities on the retracement.

Midnight Trading Thoughts (Written at: 01:00):

BTC: Light long positions near 10.6/10.4, target above 10.7

ETH: Light long positions near 3880/3820, target above 3950

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