Trader Chen Shu: 10.4 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Is a Bottom Signal Appearing? Focus on Key Resistance Level Breakthrough

The analysis from the article on October 3rd provided a range trading strategy, suggesting a long position in the 6.13-6.1 range. The rebound was weak, and in the evening, a break-even exit strategy was suggested, along with a long position at 60,000. Currently, the target point has been successfully reached with a profit of 1,000 points. The market is showing a short-term bottom and upward rebound. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, it has tested the 60,000 support level for three consecutive days. Yesterday, it formed a red doji with upper and lower shadows, indicating strong buying support around the 60,000 level. Continue to monitor the effectiveness of the daily MA60 moving average, which is at the 60,000 integer level. During the day, pay attention to the key resistance at the convergence of the MA256/120 moving averages, expected around 6.17. This level is the boundary between long and short positions emphasized in previous articles after 3-5 days of consolidation. If the price can break through and stabilize above this level, a rebound is expected; otherwise, a larger correction trend may follow. The operational suggestion for the day is to view it as a range and wait for a breakout.

Ethereum formed a green doji with small upper and lower shadows on the daily level yesterday. Currently, the 4-hour chart shows a different situation from the one-sided decline discussed in last night's article, as the short-term price is above the 4-hour MA10 moving average. If it can maintain this position, it may follow Bitcoin for a small rebound.

Afternoon Operational Strategy:

BTC: A light short position can be taken in the 6.18-6.25 range, currently looking at 6.05-60,000; a long position can be taken near 6.05, targeting around 1,000 points.

ETH: Light short positions can be taken on rebounds at 2420/2450, targeting 2380. If it breaks, reduce the position and hold, looking at around 2350 (the non-farm payroll data in the evening is expected to be slightly favorable; during the day, the strategy is to go long first and then short. If participating in trading, please set stop-loss orders).

Note: It is recommended to treat the range of 6.07-6.18 during the day, with the short-term boundary between long and short expected around 6.17. It is anticipated that there will be 1-3 days of consolidation before a direction is chosen, while also paying attention to the impact of the non-farm payroll data in the evening.

The daily analysis strategy has a 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; I will reply to each one!

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