Trader Chen Shu: Bitcoin and Ethereum market strategy No. 1 on the evening of August 16, how to judge the direction of the long-short battle?
From the daily line of Bitcoin, after the oversold rebound in the early morning of today, the current price has once again come to the daily MA256 daily moving average (58200) and fluctuates. The gains and losses here will determine the short-term trend direction. If it can hold, it will continue to rebound upward by 60,000, and vice versa; and combined with the current trend, the possibility of successfully breaking through and standing above this line is small. The short-term pressure level of 12 hours and 6 hours is at 59200. Pay attention to the breakthrough of this pressure level first. If it touches this line for the first time, you can consider going short once.
As for Ethereum, the daily level is above $2,600 and fluctuates again. Only when it stands above the MA5 daily average (2,650) again will the current short-term correction trend end; at the 12-hour level, the current short-term pressure level is at the MA30 daily average and the MA10 daily average, which is in the 2,670-50 range. This line is also the pressure level at the 6-hour level. When this line is touched for the first time, you can also consider shorting once.
Evening operation suggestions:
BTC: 59,000 light position first short, rebound 59,500 increase position short, target 58,000 first, break and reduce position to hold and look down to around 57,000
ETH: 2650 light position short, rebound 2680 increase position short, target 26,000, break and reduce position to hold and look down to 2,500
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