Trader Chen Shu: Bitcoin and Ethereum Market Strategy on October 1st *2, Short Position Focus on 6.2 Support

In the article analysis on September 30th, a short position strategy was suggested around 6.45/2650, with the short position dropping to around 6.32/2590. Congratulations to those who followed the market strategy! The daily article analysis in September had a win rate of over 80%, with accurate entry points. Currently, the market is experiencing a weak rebound after a decline. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, the current price has fallen below the MA10 daily moving average (6.45) emphasized in the afternoon article. The next support level is at the MA120 daily moving average, which is around 6.2. There is a high probability of a short-term pullback to this level; on the 12-hour chart, the current short-term support level is at 6.25, which is the MA256 daily moving average. The resistance level is at the MA256 daily moving average on the 1-hour chart, which is above 6.42, where there may be a chance for a rebound. Overall, the market is in a range-bound bearish pattern, and it is recommended to short on rebounds, initially targeting the 6.2 support area.

Ethereum's daily chart has currently fallen below the MA10 daily moving average, with the next support level at the MA60 daily moving average (2540). The current MA256 daily moving average on the 6-hour chart is at 2600, which is also a support level for short-term bulls and bears. The 1-hour chart aligns with Bitcoin, indicating that a rebound above the MA256 is not established, and the initial pullback target is around 2550.

Operational Thoughts for the Early Morning:

BTC: Short in the range of 6.38-6.42, with an initial target of 6.255. If it breaks, reduce positions and hold for a target near 6.2; for long positions, wait for the market to rise above 6.42 or enter long near 6.2 (continue holding the short position at 6.6 with a target near 6.2).

ETH: Short at the current price of 2615, targeting 2540. If it breaks, reduce positions and hold for a target in the 2530-2500 range; for long positions, follow Bitcoin's movements (continue holding the short position at 2700 with a target near 2540).

Note: The price range of 6.45-42 emphasized in the afternoon article has been broken, confirming a short-term pullback. The first position to watch for the pullback is around 6.2/2550. Avoid participating in long positions until there are clear signs of a rebound.

The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below for discussion; I will reply to each one!

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