Trader Chen Shu: Bitcoin and Ethereum Market Strategies for Noon on September 29th *1, Continue to Hold Short Positions and Pay Attention to the Degree of Pullback

The analysis in the articles on September 27th and 28th suggested a short strategy at 6.6/2680. Currently, Bitcoin has fallen to around 6.55, and Ethereum is at 2630. Short positions have gained profits of 500/50 points. Congratulations to friends who followed the market strategy operations! The success rate of the daily analysis in September exceeds 80%, and the entry points are correct. Currently, the market is rallying and falling back. Please see the following analysis for how to operate.

From the daily chart of Bitcoin, the price is stagnating around 6.6 in the short term. Yesterday's daily chart formed a small doji, and the pullback first focuses on the daily MA5 moving average (6.5) and MA10 (6.43) as support levels. From the 4-hour chart, it can be seen that after the indicators have consolidated, the price has now fallen below the MA5/10 moving averages. The next important support is at the MA30 moving average (6.48) and the 6-hour MA30 moving average (6.43). As long as the price can hold this level, the short-term outlook is still bullish.

Looking at the daily chart of Ethereum, the current price has pulled back to near the MA10 moving average (2630). The daily support first focuses on 2630 and whether the 6-hour MA256 moving average (2610) can hold. The intensity of the short-term pullback may test the support at the 1-hour MA256, around 2600.

Midday Operation Strategy:

BTC: Continue to lightly short at 6.57 on the rebound, and continue to hold short positions near the previous 6.6, with a target of 6.5. Reduce holdings if it breaks through and hold to see 6.43. Consider going long at the levels of 6.5/6.48/6.43.

ETH: Continue to lightly short near 2660 on the rebound, and continue to hold short positions from 2700-2680, with a target of 2620/2590. Consider going long near 2610.

Note: Short positions need to pay attention to the downward momentum. Although the short term is biased towards a pullback, until Bitcoin completely falls below the price range of 6.48-43, this round of bullish trend is not considered over.

The success rate of the daily analysis strategy is very high! Analysis is not easy, I hope everyone can show support by following, bookmarking, liking, and commenting for free. Thank you, and feel free to discuss in the comments below. I will reply to each one!

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