Analyst Chen Shu: 8.8 High Position Sideways Pullback, Midday Bitcoin, Ethereum Market Analysis Strategy

From the daily chart, Bitcoin closed with a bullish candle yesterday, rebounding to the pressure level of the daily MA30 moving average at 11.7 before slightly retreating. In the short term, attention is on whether the price can stabilize above 11.7 again. The upper pressure level to watch is the densely traded area around 11.8. If it breaks through, the focus will shift to the previous high pressure level of 12. On the 4-hour chart, after a short-term pullback to the MA256 moving average, it is currently approaching the MA120 moving average pressure level at 11.67. Although there has been a slight pullback in the short term, it is still recommended to treat this as a buying opportunity on the pullback, with the lower entry point for long positions referencing the MA10 moving average on the 4-hour chart.

Ethereum, from the daily chart perspective, closed with a large bullish candle yesterday, breaking through the recent high resistance. The weekly level also closed with a large bullish candle, engulfing last week's bearish candle. Looking at the 4-hour chart, it currently appears to be topping above 3900 in the short term. Pay attention to whether it can break below the MA5 daily moving average and retrace to the MA10 daily moving average at the 3820 level. If it retraces to this level, then it would be a good entry point to go long, targeting the high near 4100.

Midday trading strategy (written at: 17:30):

BTC: 11.62 long, pullback to 11.56 to add long position, target 11.8/11.9, short position to consider at 11.8/120,000.

ETH: over 3850, add more positions on the pullback at 3820, target 3950/4100.

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