Analyst Chen Shu: Bitcoin and Ethereum market strategy No. 1 on November 16th, short-term strength and correction still need to be bullish
The analysis at noon on November 15th gave a long and short idea. Bitcoin gave a short order near 8.9, and Ethereum gave a long order at 3060/3020. Bitcoin rose to around 92,000 during the session, and Ethereum subsequently rose to 3160. The long order took more than 100 points. At present, the short-term high consolidation continues. Please see the following analysis for how to operate.
From the daily chart, Bitcoin received a big positive line again yesterday and broke through and stood above the MA5-day moving average. The market trend is strong again. The weekly level also received a big positive line. The bullish trend is obvious. The support level can focus on the daily MA5-day moving average; in the 4-hour view, the current price is moving upward along the MA5/10-day and is about to test the historical high of 9.32 again. The short-term support focuses on the MA5/10 moving average and the MA30-day moving average.
From the daily chart, the basic trend of Ethereum is consistent with the analysis in yesterday's article. After stepping back on the daily MA256 daily moving average, there is support. In the short term, it rebounded by nearly 200 points and encountered resistance at the MA5 daily moving average. In the short term, we will continue to pay attention to whether the support of the daily MA256 daily moving average (3060) is effective.
Lunchtime operation ideas (writing time: 17:20):
BTC: light positions near 90,000, add positions at 8.9, and the target is 92,000
ETH: light positions near 3065, add positions after stepping back to 3040, and the target is 3150
Note: Bitcoin is still in a bullish trend at present. The daily level has returned to the top of MA5 again, and the weekly level is also unilaterally bullish and there is no obvious peak signal. Wait for the opportunity to fall back and go long. It is expected that there will be little volatility on Saturday, and the volatility trend depends on the volatility direction on Sunday night.
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