Trader Chen Shu: Midnight Bitcoin and Ethereum Market Strategy for October 2nd - Focus on Breakout Direction in the Range Fluctuation
The analysis provided in the midday article on October 2nd suggested a range trading strategy, specifically within the 6.2-6.05 range. Today's market fluctuation prediction was accurate, and those who followed the midday article's strategy likely saw some gains. The opening of October has a 100% win rate with correct point entries. Currently, the market is in a short-term range fluctuation. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, we should first pay attention to the breakout direction of the MA30/120-day moving average range, specifically the 6.05-6.2 range. As fluctuations continue, this range will gradually narrow. If it breaks below the 6.05 support, it will likely test the 5.9 support level further. Conversely, if it rebounds and stabilizes above the 6.2-6.25 range, it will maintain a high-level fluctuation and test the 6.35 resistance level. For short-term operations, treat it as a range, while the trend should focus on the breakout situation of this fluctuation range.
Ethereum's intraday rebound is relatively weak, with another dip to the 2410 support level in the evening. Compared to Bitcoin, it appears weaker. The 4-hour level rebound has not yet reached the MA256 daily moving average (2500), and the daily chart has also failed to break above 2460. It is recommended to treat rebounds as short opportunities.
Midnight Operational Strategy:
BTC: Light short at 6.22-6.25 on rebound, with the short target first looking at 6.1. If it breaks, reduce positions and hold, looking down towards 6.05; Long positions can be taken near 6.05, targeting around 1000 points.
ETH: Light short at 2480/2500/2520 on rebound, targeting 2460. If it breaks, reduce positions and hold, looking towards 2420.
Note: Currently, the short-term fluctuation range is between 6.2-6.05. As time progresses, this fluctuation range will gradually narrow. Pay attention to the directional choice within this range. Until a direction is chosen, treat it as a range fluctuation.
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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