Analyst Chen Shu: 12.2 Bitcoin and Ethereum Market Strategy * No. 1, Pay attention to the pullback strength at the 9.6 level after a high rebound
On December 1st, the midday analysis provided a long position at 9.58/9.5 for Bitcoin and a strategy for Ethereum at 3660/3600. The long position did not retrace to the strategy entry point, and the market rebounded to a high point of 9.8/3766. The long position strategy was correct. Currently, for short-term high rebound and pullback operations, please see the following analysis.
From the daily chart of Bitcoin, it has been several days since the daily candlestick has formed small doji candlesticks. Although the price can maintain above the MA5/10 daily moving averages, there has not been an opportunity for a significant upward movement. The price has formed a range oscillation pattern between 9.6 and 9.8, paying attention to the gain or loss of the daily MA10, which is 9.6; looking at the 4-hour chart, the last 4-hour candlestick has a long upper shadow, indicating a price retest of the MA30 daily moving average. Pay attention to whether this line will be broken during the day; at the same time, the 1-hour chart has also retested the MA256 daily moving average. This has been repeatedly mentioned in last week's analysis article, indicating that there will be competition around this line.
From the daily chart of Ethereum, yesterday formed a red doji candlestick. Today's price has slightly broken the new high but is currently still maintaining above the MA5 daily moving average. However, at the 4-hour level, the price has already fallen below the MA5/10 daily moving averages and is about to retest the MA30 daily moving average. For the daily chart, first pay attention to the gain or loss of the support at 3660.
Midday operation strategy (writing time: 13:00):
BTC: Light long position near 9.62/9.53, target above 9.7; light short position at 9.9/9.88, target near 9.6
ETH: Long position near 3660/3620, target above 3700; short positions follow Bitcoin synchronously
Medium to long-term trend: After Bitcoin rebounded to 9.8, it fell back to the 9.6 line. The daily line is still maintaining above the MA10 daily moving average. Although it has encountered selling pressure and pulled back in the short term, it still looks like a bullish oscillation; Ethereum's daily line is currently still maintaining above the MA5/10 daily moving averages, so it continues to look for a supplementary rally, paying attention to the gain or loss of the 4-hour MA30 daily moving average.
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