Analyst Chen Shu: 11.9 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Successful Profit Taking on Long Position Yesterday, Expecting Narrow Fluctuations on Saturday
On November 8th, the afternoon analysis provided a long position at 7.56/2890, with the long position basically offering an entry opportunity. The market rebounded to a peak of 7.66/2960, resulting in a profit of 1000/70 points. Congratulations to those who followed the operation. Unfortunately, the midnight short position hit the stop loss and exited. Currently, please see the following analysis on how to operate during Saturday's narrow fluctuations.
From the daily chart of Bitcoin, yesterday it broke upward again to reach a high of 77,000, setting a new high, and the daily candle closed as a small bullish candle, indicating that the overall bullish trend remains strong with basically no significant correction trend or process; looking at the 4-hour chart, the current price remains above the 5/10-day moving averages. As long as the price continues to operate above the 4-hour MA5/10, it represents that the market still maintains strength. During the day, attention can be paid to whether it will break below the 4-hour MA5/10 after the fluctuations. On Saturday, it should be treated as narrow fluctuations.
From the daily chart of Ethereum, yesterday it again closed as a red candle, and the current price is extremely close to the daily MA256 (3070). After breaking and stabilizing above 2960, the possibility of rising to around 3070 is quite high; looking at the 4-hour chart, the price continues to rise steadily along the MA5/10, treating it as bullish until it fails to hold the 5/10 moving averages.
Afternoon Operation Thought (Writing Time: 13:00):
BTC: On Saturday, treat it as high selling and low buying within the range of 7.62-7.66. If it breaks below 7.6, arrangements will be made. Trend analysis will be left for tomorrow's article.
ETH: Treat it as high selling and low buying within the range of 2940-80.
Note: There is basically no volatility on Saturday. The operation should be treated as narrow fluctuations. Trend analysis and other topics will be explained in the afternoon article. It is expected that the market will respond with fluctuations only on Sunday night.
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