Analyst Chen Shu: Bitcoin and Ethereum market strategy No. 1 for the afternoon of November 16, short-term strength and correction still need to be bullish
The analysis at noon on November 15 gave long and short ideas. 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 consolidation continues at a high level. Please see the following analysis for how to operate.
Looking at the daily chart of Bitcoin, yesterday it again closed with a large positive line and broke through and stabilized above the MA5-day moving average. The market trend is again strengthening upwards, and the weekly level also closed with a large positive line. The bullish trend is obvious. The support level can be focused on the daily MA5-day moving average. Looking at the 4-hour chart, 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 will focus on the MA5/10 moving average and the MA30-day moving average.
Looking at the daily chart of Ethereum, the basic trend is consistent with the analysis in yesterday's article. After falling back to the daily MA256 moving average, it was supported. In the short term, it rebounded nearly 200 points and encountered resistance at the MA5 moving average. In the short term, we will continue to pay attention to whether the support of the daily MA256 moving average (3060) is effective.
Lunchtime operation ideas (writing time: 17:20):
BTC: light long position around 90,000, increase long position at 8.9, target at 92,000
ETH: light long position near 3065, add long position when it falls back to 3040, target is 3150
Note: Bitcoin is still in a bullish trend at present. The daily level has returned to above MA5 again, and the weekly level is also unilaterally bullish with no obvious peaking signal. Just wait for the opportunity to fall back and go long. Small fluctuations are expected on Saturday, and the fluctuation trend will depend on the fluctuation direction on Sunday night.
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