Analyst Chen Shu: March 20 Afternoon Bitcoin and Ethereum Market Strategy Report, Positive News Fails to Break 8.75, Still Bearish

Strategy Review: Last night’s strategy suggested shorting Ethereum at 2070, with the entry point peaking at 2070 before retreating to 2010, yielding a small profit on the short position.

From the daily chart of Bitcoin, a large bullish candlestick was formed yesterday, with the price touching the daily MA30 moving average at the high point of 8.75, followed by a slight pullback during the day. The focus today is on the breakout situation in the 8.75-8.4 range. If it breaks upward and stabilizes above 8.75, this bullish trend may continue to the 9.3-9.55 high points. Conversely, if 8.75 acts as a strong resistance level, it will test the MA5/10 moving average at the 9.4 level again. On the 4-hour chart, pay attention to whether the pullback to 8.5 is effective support.

From the daily chart of Ethereum, a large bullish candlestick was also formed yesterday, and the price has now stabilized above the MA5/10 moving averages. On the 4-hour chart, the price reached the MA120 moving average at the 2060 level. Today, focus on the breakout situation at this resistance level, with support below at 1990/1940.

Afternoon Trading Thoughts (Written at: 14:00):

BTC: Long at 8.45, long on pullback at 8.35, target at 8.55/8.65; consider shorting at the upper levels of 8.75/90.

ETH: Light long at 1980, long on pullback at 1950, target at 2050/2200; consider shorting at the upper levels of 2060/2220.

Daily analysis strategy has a very high win rate! Analysis is not easy, so I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one!

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