Trader Chen Shu: 10.15 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Strong Breakthrough Focus on 6.65 Resistance Level Breakthrough

In the analysis article from October 14, a long position was suggested near 6.35/2510. The long position was only given close to the entry point, with some deviation from the article's point. Currently, the market is strongly rising, testing the 66,000 high point. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, today it has risen again by 3,000 points, just a step away from the previous high of 6.65. The daily chart currently shows a double bottom upward trend formed at the low point of 59,000. The short-term resistance level is at 6.65. Once it breaks and stabilizes above this left shoulder high point, it is expected to continue rebounding to the 68,000 level. Looking at the 4-hour chart, the current trend shows a clear 6 consecutive days of rising, with moving averages diverging. The pullback has not gone below the MA5 daily moving average. At the same time, on the 1-hour chart, the pullback is basically fluctuating along the MA5/10 daily moving averages. When the MA5/10 daily moving averages on the 1/4 hour level have not turned down or are running parallel, it is expected to continue maintaining a high-level fluctuation and an upward testing trend.

Ethereum also closed a large bullish candle on the daily level, breaking through 2,600. Currently, the daily chart is approaching the weekly MA60 daily moving average (2,670) resistance level. If this level is broken, it will continue to rise in the short term, testing the previous high price range of 2,700-2,730. First, we will observe the rebound and test the breakthrough situation of the weekly 2,670 level, which is currently the short-term resistance level. The short-term level is performing relatively strong, so pay attention to the pullback strength on the 1/4 hour chart.

Midnight Operational Thoughts:

BTC: Light long position near 6.54, stop loss 500 points, target near 6.65. For a conservative approach, it is advisable to wait for clear trading opportunities.

ETH: Light long position near 2,620, stop loss 25 points, target 2,660-2,680.

Note: Currently, the short-term remains strong, with the short-term resistance level at 6.65. Pay attention to the breakthrough situation at this level. If chasing high in the short term, a small stop loss is needed, while short positions can wait for a clear pullback trend before entering. Currently, it is advisable to maintain a cash position and observe at this high level.

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