Analyst Chen Shu: 3.9 Bitcoin and Ethereum weekly charts are bearish; continue to short on rallies and expect further declines.

Analyst Chen Shu: Bitcoin and Ethereum are bearish on the weekly chart. Continue to short on rallies. Looking at the daily chart for Bitcoin, the price has broken below the 30-day moving average (MA30) after several days of decline. On the weekly chart, last week closed with a long upper shadow inverted hammer candlestick. The major support level to watch is the 256-day moving average (MA256) around 5.58. On the 4-hour chart, the resistance levels to watch are the 120-day moving average (MA120) around 6.75 and the 60-day moving average (MA60) around 6.8. On the 1-hour chart, yesterday's rebound to the MA256 around 6.8 was followed by another decline. For short-term rebounds, watch for a break above 6.8; a retest of this level could present a shorting opportunity. Looking at the daily chart for Ethereum, yesterday's price broke below the 30-day moving average (MA30) around 2000. A short-term rebound is approaching this level again. Watch for a break above the 2000 resistance level. The weekly chart also shows a bearish trend. On the 4-hour chart, watch the 1970-2030 resistance zone; a rebound to this range could present a shorting opportunity. Midday Trading Strategy (Written at 12:20 PM): BTC: Short at 6.8, add to short position on a rebound to 6.95, target 6.65/6.55; Long at 6.5/6.4 with a target of 2000 points for a rebound. ETH: Short at 2000, add to short position on a rebound to 2050, target 1920/1860; Long at 1900/1850 with a target of 100 points for a rebound. Daily analysis strategies have a very high win rate! Analysis is not easy, so please give a free follow, save, like, and comment. Thank you! Welcome to leave comments below for discussion; I will reply to each one.