Analyst Chen Shu: April 17 Afternoon Bitcoin and Ethereum Market Strategy Report, Narrowing Volatility Range About to Break

From the daily chart, Bitcoin once again formed an upper shadow inverted hammer yesterday, failing to break through the daily MA60 moving average after several days of rebound. The obvious short-term resistance level is at 8.58, while the short-term support level below is at the MA30 moving average, which is at 8.36. The 8.36 level has not been broken despite several retests. On the 4-hour chart, the short-term support is also at 8.37, which is the MA256 moving average. We should first pay attention to the breakout situation in this small range.

From the daily chart, Ethereum shows a continued weakening of the short-term oscillation trend, with reduced volatility. The daily level is oscillating around the MA5/10 moving averages, adjusting around 1600. Meanwhile, the short-term dividing line between bulls and bears is at the 1-hour MA256 moving average, which is at 1580.

Afternoon Trading Strategy (Written at: 13:30):

BTC: Buy at 8.38, add to long position on a pullback to 8.32, target 8.45/8.58, consider entering short at 8.58.

ETH: Buy at 1585, add to long position on a pullback to 1560, target 1620/1640; short positions should follow Bitcoin's movements.

The daily analysis strategy has a very high win rate! Analysis is not easy, so I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one!

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