Analyst Chen Shu: 12.8 Afternoon Bitcoin and Ethereum Market Strategy * 1, Bullish Trend Continues to Pull Back for More Buying
In the midday article on 12.7, a Bitcoin buy strategy was given at 9.8/9.72, and an Ethereum buy strategy at 3950/3860. The market fluctuated within a narrow range and did not reach the entry points. Please see the following analysis for how to operate in the current short-term narrow fluctuations.
From the daily chart, Bitcoin formed a red doji yesterday, with the overall price remaining above the MA5/10 day moving averages. Although the short-term bullish momentum has not continued to increase, the bullish trend remains. For short-term support, focus on whether the daily MA5/10 day moving averages hold; on the 4-hour chart, it is also maintaining above the MA5/10 day moving averages. Look for pullback opportunities to buy.
From the daily chart, Ethereum showed narrow fluctuations and formed a green doji yesterday. From the weekly chart, since rising from 2500, Ethereum has maintained a strong upward trend, and is approaching the previous high resistance at 4100, which is expected to break through this resistance and continue testing the 4800 high. Currently, from both short-term and long-term perspectives, Ethereum shows a bullish trend, and similarly, just wait for a pullback to buy.
Afternoon Operation Strategy (Writing Time: 12:30):
BTC: Light buy near 9.86/9.75, target above 9.9; consider light sell near 10.2 if the opportunity arises, target 9.9.
ETH: Light buy near 3920/3860, target 4080; short positions follow Bitcoin, focusing on buying on pullbacks.
Medium to Long-term Trend: Bitcoin maintains a bullish outlook for both short-term and long-term, currently holding above the MA5/10 day moving averages, indicating a bullish market, focusing on buying on pullbacks; Ethereum shows stronger performance, first focusing on the breakthrough of the 4100 resistance level, similarly showing strong short-term performance, and buying on pullbacks.
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