Trader Chen Shu: Bitcoin and Ethereum market strategy No. 1 on the evening of August 17, short-term oscillation direction frequently changes, long or short?
From the daily line, after the price rebounded and adjusted, Bitcoin is now above the daily MA256 daily moving average (58300) again. Recent article analysis clearly states that if the daily line can stand above the 256-day moving average, then the short-term market will turn from short to oscillation and bullish. Before the price is above this moving average, we will temporarily maintain a bullish view; and from the 4-hour point of view, the key pressure points of the current market rebound also need to be focused on, one is the 4-hour MA120 daily moving average (60700) and MA256 daily moving average (61800), especially the 61800 position needs to be focused on. In terms of operation, temporarily go long, and pay attention to the breakthrough of this line after rebounding to 60800-62000.
Compared with Bitcoin, Ethereum's trend is weaker. The daily line is still fluctuating below the MA5 and 10-day moving averages. Only after the price stands above this line can it have a chance to turn to long. Before the price stands above the daily MA5 and 10-day moving averages, it should be treated as weak. At the 12-hour level, it can be seen that the current market rebound pressure is mainly concentrated on the MA30-day moving average (2630) and the 6-hour MA60-day moving average (2630). Don't go long easily before the Ethereum price stands above this line.
Evening operation suggestions:
BTC : 59000 light position first long, pullback to 58500 add long position, target first look at 60800-6200 range
ETH : 1* touch 2630-50 range light position short, target about 50 points; 2* break through and stand firm in 2630-50 range, follow up long orders, target 2750 line
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