Trader Chen Shu: October 9 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Weak Oscillation Focus on 6.15-6.2 Support Zone Gains and Losses

In the analysis article on October 9, a long position was suggested at 6.21/2430. Although there was an entry opportunity, the market remained in a weak oscillation during the European and American trading sessions, without a strong upward rebound. The accuracy rate for October trading is 80%. Currently, the market is in a weak oscillation. Please see the following analysis for operational guidance.

From the daily chart, Bitcoin's weak oscillation price has reached the daily MA256 moving average (6.2) and MA120 moving average (6.15) support. If the price fails to hold the 6.2-6.15 range, it will likely shift to a corrective trend testing the daily MA60 moving average (6.05) nearby. Conversely, if this support line can be maintained, we can look for a rebound to the 6.3 resistance level. For short-term trading, focus on the gains and losses around this line. The weekly chart shows the price is under pressure from the MA30 moving average, and the possibility of a retest near the MA10 moving average (6.06) is not small.

Ethereum continues to show weak oscillation, with the 2400-20 price range support still intact. If this support fails, it will drop to around 2300, so we should pay attention to this key support point, similar to Bitcoin. On the 4-hour chart, the current resistance level is at the overlapping point of MA256/60, which is 2460. Until it breaks through, we should look for weak oscillation.

Midnight Operational Thoughts:

BTC: Short at 6.3-6.33, targeting around 6.2, or if it fails to hold the 6.2-6.15 range, look for a short at 6.05; consider a light long position near 6.16, targeting around 6.3 (the long position at 6.21 in the afternoon can consider adding to the position near 6.17 and moving the stop loss down).

ETH: Short at 2460-2480, targeting around 2420, and consider a light long position near 2410-2430, targeting around 2460.

Note: For the short term, focus on the gains and losses around the 6.15-6.2 price range, treating this line as a dividing line for bullish and bearish views. The rebound strength in a weak oscillation is relatively small, so it is prudent to wait for the market to break out in a direction before taking action.

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; I will reply to each one!

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