Analyst Chen Shu: Bitcoin and Ethereum Market Strategy for January 24
- The market is treated with a slightly bullish bias as it fluctuates.
On January 23, the midday article provided long and short strategies for Bitcoin and Ethereum. For Bitcoin, the operational idea was in the range of 10.4/9.8, while for Ethereum, it was in the range of 3300/3000. After yesterday's market stopped falling, it rebounded and once returned above 10.6. Currently, please see the following analysis on how to operate in this short-term wide fluctuation.
From the daily chart of Bitcoin, yesterday closed with a red doji. The price tested the daily MA10 moving average and then stopped falling. The short-term price has support at the MA10 moving average. As long as the short-term price remains above the MA10 moving average, the slightly bullish pattern will continue. Looking at the 4-hour chart, the overall market is supported by the MA60 moving average. Yesterday's market retraced to this line without breaking it and started a round of rebound. The short-term support focuses on the gains and losses of these two positions, namely 10.26/10.3, while the resistance level is at 10.7.
From the daily chart of Ethereum, yesterday's market slightly rebounded and closed with a red candlestick. The current price has reached the daily MA30 moving average at the resistance level of 3360. If it breaks and stabilizes above this level, it will continue to rise and test the daily MA60 moving average at 3530. The short-term resistance level also needs to pay attention to the breakthrough situation of the 4-hour MA256 moving average at the resistance level of 3450.
Midday Operating Ideas (Written at 13:30):
BTC: Long with a small position at 10.32, add to the long position on a pullback to 10.26, target 10.5/10.6; consider short positions at 10.7.
ETH: Long with a small position at 3330, add to the long position on a pullback to 3280, target 3450/3530; short positions at 3450/3530.
The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below for discussion; I will reply to each one!
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