Analyst Chen Shu: Bitcoin and Ethereum prices are consolidating sideways on January 18th, awaiting a decision from bulls and bears. Short-term focus should be on the strength of any pullback.

Analyst Chen Shu: Bitcoin and Ethereum prices are consolidating sideways, awaiting a decision from bulls and bears. Short-term focus is on the strength of any pullback. Looking at the daily chart for Bitcoin, after several days of slight pullbacks, the current resistance level is around the 120-day moving average (MA120) at 9.96, while the support level is around 9.35. The recent narrowing trading range suggests a range-bound approach; avoid overly bullish or bearish biases. On the 1-hour chart, the price is currently trading around 9.53, where moving averages are converging. Support is around the 256-day moving average (MA256) at 9.3. Observe the price action around this level. For Ethereum, on the daily chart, short-term resistance remains around the 256-day moving average (MA256) at 3400 and the 120-day moving average (MA120) at 3460. A touch of these levels could present a shorting opportunity. Support is around 3300; a break below this level could lead to a further decline towards the 256-day moving average (MA256) at 3200 on the 1-hour chart. Midday Trading Strategy (Written at 3:00 PM): BTC: Short at 9.53, add to short position on rebound to 9.65, target 9.36/9.3; Long at 9.35/9.25 for a 1-2000 point rebound. ETH: Short at 3320/3380 for 3270/3230; Long at 3230/3200 for a 6-100 point 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.