Trader Chen Shu: Bitcoin and Ethereum Market Strategies on the Evening of September 20th *1, Strong Breakthrough to Pay Attention to Effective Support

Looking at the daily chart of Bitcoin, the current candlestick has risen for 4 consecutive days and has strongly broken through the MA120 daily moving average pressure. The price is currently maintained above 63,000, and short-term support is focused on the MA120 daily moving average (6.25) on the daily chart. This level has shifted from pressure to key support. If the support is effective, the short-term uptrend will continue to break through the weekly MA30 moving average, which is 6.4. On the other hand, if this level is breached, the short-term uptrend will temporarily end and enter a consolidation phase. Looking at the 4-hour chart, the short-term high of 6.4 has stalled, but the price has been moving around the MA5/10 moving averages. It is temporarily considered bullish until a pullback below the MA10 moving average occurs.

As for Ethereum, the daily price increase has directly ignored the pressure of the MA30 moving average (2460). The next pressure level is the daily MA60 moving average at 2650 and the weekly MA60 at 2610. Similarly, attention has shifted from pressure to the key support level of MA30 at 2460. Looking at the 4-hour chart, the price has also strongly broken through the MA256 moving average (2510). If the intraday price continues to stay above 2500, it is still advisable to take a bullish stance.

Evening Operation Suggestions:

BTC: Light long position at 6.32, add to the position at 6.28 on a pullback, stop loss near 6.24, target around 6.48; Consider a short position near 6.5, with targets in the 6.3-6.2 range.

ETH: Long at 2530-10, stop loss near 2470, target range of 2580-2650; Consider a short position after it rises above 2600.

Note: Currently, Bitcoin/Ethereum are relatively strong in the short term. Until the short-term support and the long/short boundary are breached, it is advisable to take a long position on pullbacks. Consider changing direction after breaching the support, and follow the trend first. Also, today is Friday, and it is advisable to consider taking profits and reducing positions or closing positions before the second half of the night (04:00). The weekend is expected to be mainly characterized by oscillation and pullback.

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