Analyst Chen Shu: 11.11 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Long Position Successfully Took Profit, Looking for a Correction in the Evening
The afternoon analysis on November 10 provided thoughts on going long and making corrections to go long. Bitcoin has risen from yesterday's 79,000 to nearly 82,000 high points, while Ethereum has not yet started to catch up. Currently, please see the following analysis on how to maintain strength at high levels in the short term.
From the daily chart, Bitcoin showed a close gain of nearly 5% yesterday, breaking through the 80,000 integer barrier at one point. The overall market remains a strong one-sided market; from the 4-hour chart, after several consecutive bullish candles, the maximum pullback has only reached the 4-hour MA10 moving average, steadily moving up along the 5-day moving average. There are currently no signs of any top formation. Even if a top is formed, it will only lead to a real correction trend after a failure to retest the high after a pullback. Therefore, as long as there are no breakouts below the 4-hour MA10 moving average or significant pullbacks leading to a second failure to retest the high, one should still consider going long.
From the daily chart of Ethereum, it showed a red candlestick with upper and lower shadows yesterday, pulling back near the daily MA256 moving average (3066) before bouncing back again, indicating that this support level is holding. However, there is some divergence in the short-term bullish and bearish sentiments. In the current phase where the short-term has not followed Bitcoin to continue breaking new highs, the 4-hour chart is oscillating and adjusting around the MA5/10 moving averages. If Bitcoin continues to break upwards, Ethereum can look forward to a catch-up rally.
Afternoon trading strategy (written at: 13:30):
BTC: Light long position near 8.1, add to long position on pullback to 8.05, target around 1500 points, can make back-and-forth trades.
ETH: Light long position near 3160, add to long position on pullback to 3130, target 3300, reduce position if breaking below and hold to see 3380 (catch-up rally).
Note: Currently, Bitcoin is performing strongly in the short term, while Ethereum shows divergence in bullish and bearish sentiments. One can look forward to whether Bitcoin's later catch-up rally will break above the 3500 high, and it is also necessary to pay attention to the movements of the US stock market.
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