Trader Chen Shu: Bitcoin and Ethereum Market Strategies at Noon on September 24th *1, Narrow Range Oscillation, Focus on Range Breakthrough to Choose Direction

Looking at the daily chart of Bitcoin, since the price broke through, the price has remained above the daily MA120 moving average line (6.23) for five consecutive trading days. The closing K-line has ended mostly with a doji, and the overall market volatility is small at the moment, maintaining oscillation within the range of the weekly MA30 moving average line (6.4) and the daily MA120 moving average line (6.23). In general, we should pay attention to the breakthrough of this range. If the upward breakthrough stabilizes above 6.4, then we can go long; if it falls below 6.23, then we can go short and look for a pullback. In the short term, looking at the 30-minute chart, the current price is running above the MA256 moving average line, and we can temporarily use this line as an entry point for long positions. The previous low point near 6.23 can be used as a defensive point for short-term long positions. Overall, it is advisable to maintain high selling and low buying in the small range for now.

As for Ethereum, on the daily chart, there is a trend of stabilizing above the MA60 moving average line (2610). If there are multiple successful retracements to this support line, then the short-term upward trend will continue to test the previous oscillation point around 2800. On the 6-hour chart, we should pay attention to the breakthrough situation of the MA256 moving average line at around 2660.

Midday Suggestions:

BTC: Light long positions near 6.3-6.28, and consider adding to long positions lightly on pullbacks. Stop loss near 6.2, with a target of around 1000 points. Short positions can be taken lightly in the 6.36-6.42 range, with a target below 6.3.

ETH: Light long positions near 2610-2580, with an initial target of 2660, and reduce holdings upon breakthrough to hold and observe at 2700.

Note: Currently, Bitcoin is undergoing narrow range oscillation adjustment. It is expected to continue to oscillate within the 6.23-6.4 range until a breakthrough occurs. Before the breakthrough, it is advisable to maintain high selling and low buying. If a breakthrough occurs, then follow the direction to operate.

The daily analysis strategy has a very high success rate! Analysis is not easy, so I hope everyone can give a free follow, favorite, like, and comment. Thank you all, and feel free to discuss in the comments below. I will reply to each one!

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