Analyst Chen Shu: Bitcoin and Ethereum prices rebounded on December 1st but then faced renewed downward pressure; watch for signs of a bottoming out.

Analyst Chen Shu: On December 1st, Bitcoin and Ethereum rebounded but then faced renewed pressure and fell back. Watch for signs of a bottom. Looking at the daily chart for Bitcoin, today's price closed with a large bearish candle, breaking below the 5-day and 10-day moving averages. The key support level to watch is 8.45. If this level holds, a further decline to test the $80,000 mark is possible. On the 4-hour chart, the price has broken below all moving averages. Support is seen at the previous low of 8.4, while resistance is at the 5-day moving average around 8.7. A weak, range-bound approach is recommended in the short term; avoid excessive bearishness. Ethereum, also looking at the daily chart, closed with a large bearish candle, breaking below the 5-day and 10-day moving averages. The 256-day moving average is a key short-term resistance level. Support is seen at 2750, the previous low of the range. Resistance for any rebound is seen at 2850, the previous high on the 1-hour chart. Until the price stabilizes above the 5-day moving average on the 4-hour chart, a weak approach is warranted. Midday Trading Strategy (Written at 21:20): BTC: Short at 8.68, add to short position on rebound to 8.86, target 8.55/8.45; Long at 8.4/8.3 with a 1-3000 point rebound target. ETH: Short at 2850, add to short position at 2920, target 2800/2750; Short-term long at 2750/2700. 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.