Trader Chen Shu: October 12 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Focus on the Continuation of Bullish Momentum After Breakout

In the analysis from the afternoon of October 11, a short position was suggested around 6.18/2450, and the entry opportunity for the short position has been taken. However, the bulls have been steadily rising in the evening, breaking and stabilizing above the key resistance level of 6.21, forcing a stop-loss exit. There is still an opportunity for Ethereum. Currently, the market is maintaining a high-level consolidation. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, yesterday closed with a solid red candlestick, breaking through the key resistance level of the daily MA256 moving average (6.21), ending the short-term weak consolidation trend. In the short term, focus on the support and resistance of the daily MA30/256 moving average (6.22). If it retraces to 6.2 and holds, it may further rebound to test the weekly MA30 moving average (6.35). On the 4-hour chart, the current price has surged to the MA120 moving average (6.3) and then retreated, forming a clear pressure point at this level. Pay attention to the breakout situation at this line in the short term.

Ethereum's rebound is not strong. After breaking through 2430 yesterday, it peaked at 2470 before coming back down. Currently, the daily MA30/60 moving averages are about to converge at the key resistance level of 2490. In the subsequent rebound, first focus on the breakout situation at this line. On the 1-hour chart, the short-term support level is in the 2430-20 range.

Afternoon Operational Thoughts:

BTC: On Saturday, treat it as high selling and low buying in the 6.3-6.2 range, and provide trend points in a post on Sunday.

ETH: On Saturday, treat it in the 2460-2420 range.

Note: After yesterday's surge, it is expected that Saturday will mainly focus on consolidation and correction. First, pay attention to the support level near the daily MA256 moving average at 6.22. If it retraces and holds, consider taking a long position for a bullish outlook.

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 for discussion; I will reply to each one!

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