Analyst Chen Shu: 2.25 Afternoon Bitcoin and Ethereum Market Strategy * 1, Focus on Monthly Support of 91,000 After Significant Correction
On February 24, the afternoon article analysis provided Bitcoin and Ethereum long and short strategies. Bitcoin suggested going long at 9.52 and then going short at 9.67, while Ethereum suggested going long at 2700 and then going short at 2780. After yesterday's market fluctuations, there has been a significant pullback. Currently, how to operate in this short-term weak correction is detailed in the following analysis.
From the daily chart of Bitcoin, yesterday's daily candle closed with a large bearish line, directly piercing the daily MA120 moving average, with a low reaching the monthly MA5 moving average. The short-term focus is on the monthly MA5 moving average at 91,000, which will determine the outcome. If this level holds, the short-term one-sided downward trend may come to a temporary halt. From the weekly perspective, the market has formed a rounded top pattern over the past two months at the weekly level. After a significant drop in price this week, it has completely lost the weekly MA5/10 moving averages. Attention should be paid to the previous low of 89,000, and in short-term trading, it should be treated as weak fluctuations.
From the daily chart of Ethereum, yesterday's daily candle also closed with a large bearish line, and the price broke below the recent consolidation range, reaching a low of around 2500. Currently, the daily MA30 moving average has become a key resistance level for Ethereum. Looking at the 4-hour chart, after breaking below the upper dense trading area, the price has continued to decline, forming a one-sided downward pattern. The short-term focus is on whether the rebound strength will recover.
Afternoon Trading Ideas (Written at: 13:00):
BTC: Light long at 9.1, add to long at 8.95 on pullback, target at 9.2/9.3; short at 9.3/9.4, target at 9.2/9.1.
ETH: Light long at 2450, add to long at 2400 on pullback, target at 2550/2600; short at 2580/2650, target at 2500/2450.
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