Analyst Chen Shu: Bitcoin and Ethereum's downtrend continues; watch for major support at 55,000.

Analyst Chen Shu: Bitcoin and Ethereum's downtrend continues; watch for major support at 55,000. Looking at the daily chart for Bitcoin, yesterday's price fell sharply again, breaking through the 60,000 support level. On the weekly chart, it has closed with three consecutive large bearish candles. The major support level to watch is the 256-day moving average (MA256) around 5.55. If the downtrend continues, it may test this support level. Long positions are advised to be cautious until a significant rebound occurs. The recommended strategy is to continue selling on rallies. Looking at the daily chart for Ethereum, the rebound from the low of 1730 was weak, and the overall trend remains bearish. On the weekly chart, it broke below the 256-day moving average (MA256) and has not seen a significant rebound or signs of stopping the decline in the past week. It is estimated that the short-term decline will continue. The key support level to watch is the previous low of 1400. If Bitcoin retraces to the 5.55 low, Ethereum will likely test the 1400 level. Midday Trading Strategy (Written at 11:30 AM): BTC: Short at 6.85, add to short position on a rebound to 6.95, target 6.6/6.5; Long positions considered at 5.5 or if a sustained rebound occurs. ETH: Short at 2000, add to short position on a rebound to 2060, target 1900/1800; Long positions considered at 1400 or if a sustained rebound occurs following Bitcoin. 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.