Analyst Chen Shu: Bitcoin and Ethereum surged and then retreated on January 7th; pay attention to the strength of the pullback today.

Analyst Chen Shu: Bitcoin and Ethereum surged and then retreated on January 7th. Intraday focus should be on the strength of the pullback. Looking at the daily chart for Bitcoin, yesterday's candlestick with a lower shadow showed a pullback to the 60-day moving average (MA60) before rebounding. Short-term resistance is formed around 9.45. The focus remains on whether it can successfully break through and hold above 9.45. On the 4-hour chart, the 30-day moving average (MA30) provides support around 9.17. A pullback could present an opportunity to go long. On the 1-hour chart, the 120-day moving average (MA120) is also a support level; a pullback that holds above this level could also be a buying opportunity. Looking at the daily chart for Ethereum, it is currently very close to the 256-day moving average (MA256) around 3350. If it reaches this level intraday, a short position could be considered. Support levels to watch are the 10-day moving average (MA10) on the 4-hour chart at 3250 and the 60-day moving average (MA60) on the 1-hour chart at 3210. The intraday range is expected to be 3200-3350; trade in the direction closer to the moving average. Midday Trading Strategy (Written at 14:30): BTC: Buy at 9.2, add to long position on pullback to 9.1, target 9.3/9.4; Sell at 9.35/9.45 for a 1-2000 point pullback. ETH: Buy at 3220, add to long position on pullback to 3170, target 3280/3330; Sell at 3350/3400 for a 6-100 point pullback. 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.