Trader Chen Shu: Bitcoin and Ethereum Market Strategy in the Early Morning of September 16th, Short-term Decline Prepares to Go Long and Anticipate Rebound

Summary of the article on the evening of September 15th: Yesterday evening, a light position long order at 5.96/2380 was given. Currently, it has retraced to our entry point mentioned in the article. Consider taking a light position to go long and anticipate a rebound. The strategies and thoughts for September are all based on market trends. Let's continue to work hard! Currently, there is a short-term decline. Please see my analysis below on how to go long.

Looking at the daily chart of Bitcoin, after the weekend's volatile adjustment, the price mainly oscillates around the MA256 daily average line (60,000). Currently, there is a short-term decline breaking below this line. As mentioned in the article yesterday evening, we need to pay attention to whether it can continue to stay above 60,000. Before the MA30 daily average line (5,900) is breached, maintain the trend of anticipating a rebound to observe the market. The overall trend is consistent with the lengthy analysis posted yesterday evening, so go long and anticipate a rebound.

As for Ethereum, after the recent decline, it has retraced to the 2380 US dollars mentioned in the evening article. Therefore, we can go long with a light position as planned. Currently, the overall price is suppressed by the 4-hour MA120 daily average line (2420), and the support level is observed at the 1-hour MA256 daily average line (2350).

Early morning operation suggestions:

BTC: Take a light position long near 5.96, add to the long position on a pullback to 5.88, with a target of 6.08. Reduce the position if breached and hold for a target of 6.28. Wait until next week to arrange short positions.

ETH: Go long with a light position at the current price of 2380, add to the long position on a pullback to 2350, with a target of 2420. Reduce the position if breached and hold for a target of 2500.

Note: It is expected that the market will be mainly bullish from Monday to Wednesday. As for how to deal with the market on September 19th, it can be arranged based on the market on Wednesday.

The daily analysis strategy has a very high success 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 discuss in the comments below. I will reply to each one!

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