Trader Chen Shu: 10.5 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Moving Average Oscillation Overlap Focus on 6.17 Key Gains and Losses
The analysis provided in the afternoon article on October 5 suggested a range trading strategy. Yesterday, the overall market fluctuated within a range of less than 1000 points, with a relatively small amplitude. Currently, the market is in a tug-of-war between bulls and bears. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, the MA256/120-day moving averages have already overlapped. At the same time, the MA30-day moving average is also about to overlap at this line, which is the 6.17 line mentioned in recent analyses. The gains and losses at this line will affect the future direction of the market. Specific analyses have been detailed in previous analyses. If the market stabilizes above 6.17 next week, then in the short term, it will at least rebound to the 6.3-6.35 line. Conversely, if it loses 6.17, there will be a risk of a short-term drop to the 5.9 line. It is expected that the market will revolve around 6.17 as a central point for several trading days before a clear trend emerges. Therefore, the upcoming operations will use 6.17 as the boundary point for judging trades.
Currently, the daily resistance level for Ethereum remains at the MA30-day moving average (2465). If this line is broken, the short-term will continue to rebound to the 2500 line. In the short term, focus on the 2465 resistance level, while the support level is around the 2410 line. The 4-hour chart shows that the current rebound has reached the MA30-day moving average, which is the 2420 line resistance, and it is expected to trend upwards to test the 2460-80 range.
Afternoon Trading Strategy:
BTC: Maintain a high sell-low buy approach within the 6.16-6.28 range today, with the overall trend judgment focusing on the gains and losses at 6.17.
ETH: Maintain a high sell-low buy approach within the 2400-2460 range today, with the trend direction following Bitcoin.
Note: Currently, the boundary point for Bitcoin is at the 6.17 line. It is expected that without favorable news, the direction will not be immediately determined, but will oscillate around 6.17 as the center point for adjustments. Only after multiple confirmations of the effectiveness of the 6.17 support will a direction be chosen.
The daily analysis strategy has a very high win rate! Analysis is not easy, so 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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