Analyst Chen Shu: 11.27 Midnight Bitcoin and Ethereum Market Strategy * No. 2, Trend Reversal Bearish 9.45 Unable to Hold then Short Sell
On November 26, the afternoon analysis provided a short selling strategy, Bitcoin gave a short sell at 9.6, Ethereum provided a long position at 3380 and a strategy idea following the Ethereum short sell. Bitcoin did not reach the entry point and has since retraced downwards. Currently, how to operate in this short-term weak consolidation downtrend please see the analysis below.
From the daily chart, Bitcoin closed with a large real bearish candle yesterday. Today, although a small bullish candle is currently being formed, the rebound strength is slightly weak and it has failed to regain the daily MA10 moving average (9.46). The overall trend is a weak retracement; the 4-hour chart shows that after the intraday rebound fell below the MA60 moving average, it also failed to bounce back. The buying power is insufficient, so pay close attention to the stability of the MA256 moving average (9.45) on the hourly level. If subsequent consolidation adjustments cannot regain this level, it will indicate a short-term retracement trend, and there may be a possibility of piercing the $90,000 threshold. Pay attention to this line's gains and losses.
From the daily chart, Ethereum's trend today follows Bitcoin's adjustment trend, the daily chart has fallen below the MA5 moving average but holds above the MA10 moving average, pay attention to the subsequent stability of the MA5/10 moving averages; on the 4-hour chart, after falling below the MA30 moving average, the rebound is weak. If it continues to maintain a weak consolidation trend, there is a risk of further retracement to 3250/3180.
Midnight Operation Idea (Written at: 02:00):
BTC: Light short around 9.4, add to short at 9.47 on rebound, target 9.3-9.2; consider long in the 8.88-9k range.
ETH: Light short around 3340, add to short at 3380 on rebound, target 3250/3180; consider short-term long below 3200.
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