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2.17 Bitcoin and Ethereum Market Analysis Today: Responding to Short-term Weak Fluctuation Pattern
In the article analysis on the afternoon of February 16, strategies for long and short positions in Bitcoin and Ethereum were provided for investors. For Bitcoin, a long position strategy was suggested at 9.73/9.68; for Ethereum, a long position strategy was suggested at 2700/2650. However, yesterday's market showed a slight downward adjustment, and it is currently in a short-term weak fluctuation phase. So, how should investors operate in such a complex market? A detailed analysis will follow.
Bitcoin Market Analysis
Daily Level Analysis
From the daily chart of Bitcoin, it shows a fluctuation adjustment around the daily MA5/10 moving averages. The recent market has been largely locked in the range of 9.5 - 9.8. This indicates that there has been intense competition between bulls and bears in this price range over the past period. In terms of resistance levels, the key points are 9.68 and 9.85. When the price approaches these levels, it often faces selling pressure, hindering further price increases. The support level is at 9.3, which is an important defense line for the bulls. If the price falls below this level, it may trigger further declines.
4-Hour Level Analysis
The 4-hour chart shows that the price has broken below the MA30/60 moving average support at around 9.7. This breakdown has brought Bitcoin back into a weak fluctuation pattern. In this pattern, the key resistance level to watch is 9.68. Investors need to closely monitor whether the price can break through and stabilize above this line again. If it can successfully break through and stabilize, the price may further test the resistance level at 9.85; conversely, if it cannot break through 9.68, the price may continue to fluctuate at lower levels, potentially testing the support level at 9.5 again.
Ethereum Market Analysis
Daily Level Analysis
From the daily chart of Ethereum, the price shows a narrow fluctuation pattern, oscillating around the MA5/10 moving averages. The support below is at 2600, which is the short-term fluctuation low and an important defensive position for the bulls. If the price falls below 2600, it may trigger more selling sentiment, leading to further price declines. The resistance level above is at 2700; when the price approaches this level, selling pressure increases, suppressing price increases. Currently, Ethereum is mainly fluctuating in the range of 2600 - 2700, and investors need to pay close attention to the breakout situation and direction in this range. If the price breaks upward above 2700, it may initiate a new round of upward movement; if it breaks downward below 2600, it may continue to seek new support.
Afternoon Operation Ideas (Written at 14:30)
Bitcoin (BTC) Operation Suggestions
· Long Position Strategy: You can set up a long position at 9.56. Additionally, if the price retraces to 9.5, you can increase your long position. The target is set at 9.6/9.7. The logic behind this strategy is that the 9.5 - 9.56 area is a recent support range, making it a good risk-reward ratio for going long. When the price rises to 9.6 or 9.7, you can choose to take profits based on market conditions.
· Short Position Strategy: Lightly attempt a short position at the upper levels of 9.7/9.8. Since Bitcoin is currently in a weak fluctuation pattern, the price may pull back when approaching resistance levels. Therefore, shorting at 9.7 or 9.8 can capture the opportunity for a price pullback. However, it is important to control your position size and set strict stop-loss orders due to the market's volatility.
Ethereum (ETH) Operation Suggestions
· Long Position Strategy: Lightly go long at 2660, and if the price retraces to 2630, increase your long position, with a target set at 2700/2750. This is because 2600 - 2630 is a support range, making it relatively low risk to go long in this area. Once the price breaks above 2700, it may continue to test the resistance level at 2750.
· Short Position Strategy: Short positions can follow Bitcoin's trend for short-term trades. When Bitcoin shows signs of a pullback at resistance levels, Ethereum may also follow suit and decline, at which point you can appropriately set up short positions in Ethereum. However, it is also important to control your position size and set stop-loss orders to cope with market uncertainties.
Investors are reminded that the cryptocurrency market is highly volatile, and market changes are rapid. The above analysis and operation suggestions are for reference only and do not constitute investment trading advice. Investors should fully consider their risk tolerance when trading, manage their position sizes reasonably, set strict stop-loss orders, and make investment decisions cautiously.
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This article is independently written by the Coin Victory Group. Friends in need of current price strategies and solutions can find the Coin Victory Group online. We will continue to monitor market dynamics and update analysis and trading strategies in a timely manner. Thank you for your attention and support. We mainly focus on contracts for BTC/ETH/ETC/LTC/EOS/BSV/ATOM/XRP/BCH/LINK/TRX/DOT, specializing in styles, mobile lock-up strategies around high and low support and resistance for short-term fluctuations, medium to long-term trend positions, daily extreme pullbacks, weekly K-top predictions, and monthly head predictions.
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