Analyst Chen Shu: 2.12 Afternoon Bitcoin and Ethereum Market Strategy
- The market is expected to rebound and then test the lows again; the intraday rebound continues to be bearish.
On February 11, the afternoon article provided long and short strategies for Bitcoin and Ethereum. Bitcoin suggested a long and short position at the current price of 9.8/9.95, while Ethereum suggested a long and short position at the current price of 2700/2800. After the market rebounded, it failed to continue upward and instead fell again. Currently, the short-term remains in a weak oscillation. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, the market rebounded to the MA60 daily moving average yesterday and then began to correct. The daily candle closed as a small bearish candle, returning below the MA5/10 daily moving averages. If it cannot stabilize above the MA5/10 daily moving averages, it will continue to maintain a weak correction trend. Looking at the 4-hour chart, after the price rebounded and broke above the MA60 daily moving average yesterday, it corrected downward again, returning to the low point around 9.5. The short-term resistance level to watch is the MA30/60 daily moving averages at 9.68/9.74, paying attention to the breakout situation when rebounding to this level.
From the daily chart of Ethereum, the price broke above the MA10 daily moving average yesterday and then fell. It has now returned below the MA5/10 daily moving averages. On the 1-hour chart, the current key short-term resistance level is at the confluence of the MA30/60/120 daily moving averages around 2650. Pay attention to the breakout and stabilization at this resistance level.
Afternoon Operational Thoughts (Written at: 14:30):
BTC: Short at 9.68, add to short at 9.75 on rebound, target 9.6/9.5; consider long positions if it breaks and stabilizes above 9.7.
ETH: Short at 2650, add to short at 2700 on rebound, target 2600/2550; long positions will follow Bitcoin.
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