Trader Chen Shu: 10.7 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Upward Breakthrough Restarting Bullish Focus on Continuation Strength

The analysis from the article on October 6th provided a range trading strategy and emphasized the importance of the 6.17 support level. This morning, it broke upward to the 6.4 high point, and currently, the market has surged and then retreated. Please see the following analysis for operational guidance.

From the daily chart, Bitcoin showed a solid red candlestick yesterday, and today it continued to rise. The price tested the 6.4 level but temporarily failed and has pulled back short-term. Currently, it stands above the MA120/256 daily moving average support (6.17). The next resistance level is the weekly MA30 moving average (6.37). Pay attention to the breakout situation at this level during the day. For pullback support, first focus on the 4-hour MA120 daily moving average (6.3). If it breaks below the 6.3 support, it will likely oscillate downward.

The Ethereum trend is basically consistent with what was discussed in last night's article. After rebounding and breaking through the daily MA30 (2470), it tested the MA60 daily moving average (2520) resistance today. Currently, it is pulling back short-term, with attention on the 1-hour MA256 daily moving average resistance (2530), and the support level is referenced at the 4-hour MA (2470).

Afternoon Operational Strategy:

BTC: Light long positions near 6.3, currently looking at around 6.4. Light short positions can be attempted near 6.46, targeting around 6.3.

ETH: Short positions at 2510-40, targeting 2480-60. Light long positions near 2460, aiming for above 2500.

Note: Currently, the short-term has stabilized above the key support level of 6.17 mentioned in previous days. The short-term bias is bullish, but attention is needed on the previous range oscillation between 6.25-6.45. It is expected that the market will also oscillate and adjust within this range, so pay attention to the direction and strength of the adjustment.

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

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