Analyst Chen Shu: Bitcoin and Ethereum rebounded after a decline on January 12th; watch for the 9.4 resistance level and a potential breakout opportunity.

Analyst Chen Shu: Bitcoin and Ethereum rebounded on January 12th, with attention focused on the 9.4 resistance level. Watch for a breakout opportunity. Looking at the daily chart, Bitcoin closed with a positive candle today, breaking above the MA5/10-day moving averages. The key short-term resistance level is around 9.4, the previous high of the consolidation. The intraday high should be monitored around this level. On the 4-hour chart, the support level is around the MA256 at 8.96. A pullback that doesn't break this level will prevent a shift to a one-sided downtrend. On the 1-hour chart, the support level is around the 1-hour MA256 at 9.1. From the daily chart, Ethereum has formed two consecutive small red candlesticks. The support level is around the 30-day moving average (MA30) at 3030. On the 1-hour chart, after the weekend's consolidation, the price has now risen above the 256-day moving average (MA256) at 3130. A break and hold above this level would indicate a continuation of the bullish trend, testing the 3180 and 3300 levels. Midday trading strategy (written at 13:40): BTC: Long at 9.16, add to the position on a pullback to 9.08, target 9.25/9.35; Short at 9.4/9.5 for a 1-2000 point gain. ETH: Long at 3145, add to the position on a pullback to 3105, target 3200/3250; Short at 3250/3300 for a 6-100 point gain. 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.