Trader Chen Shu: 10.16 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Strategy Perfectly Profitable, How to View Current Trends and Operations

The analysis from the article on October 15 suggested a strategy of first falling and then rising, initially recommending a short at 6.55 targeting 6.48, followed by a long at 6.48-45, which peaked around 68,000, yielding a profit of 3,000 points. The price prediction was accurate, and Ethereum also saw gains. Congratulations to those who followed the article's strategy. Currently, the market is consolidating at a high of 67,000. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, the current short-term resistance level is at 6.83, which is the first peak from the previous rise to 70,000 before the drop. The focus should be on the breakthrough of the 6.83 resistance level. Currently, the weekly chart has broken through the previous resistance level of 6.55, and the depth of the pullback needs to be monitored for effective support at this level. If the resistance turns into support, it indicates there is still room for a rebound. All indicators are currently severely overbought, so caution is needed regarding the risks of chasing highs in the short term.

The trend of Ethereum is basically consistent with the analysis from the afternoon article. The price rose to the resistance level around 2700 and then retraced. The short-term resistance remains at the 2700 level, and only a stable position above 2660 will allow for a potential breakthrough of 2700. The focus should still be on the breakthrough and stability of 2660, with the support level initially looking at around 2550.

Midnight Operational Thoughts:

BTC: Light long near 6.58, add to long on a pullback to 6.53, target the 6.7-6.8 range; if it touches 6.83-6.88, take a light short looking for a 1-2000 point pullback.

ETH: Light long near 2560, add to long on a pullback to 2530, target 2660-2700; for the upper range of 2700-2730, take a light long looking for a 60-100 point pullback.

Note: The short-term trend remains strong, but the market has begun to show divergence. The higher it goes, the greater the downward waterfall effect will be. During the upward movement, try not to chase the highs; when going long, always set a stop loss. Next, focus on the breakthrough of the 6.83 resistance level. After being overbought, there has yet to be a corrective pullback; caution is needed in the short term.

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!

For real-time market strategy exchanges and inquiries about market issues, you can follow my personal account homepage, the original (Coin World) ranked first personal KOL main influencer, offering free guidance and answers to trading questions. Welcome everyone to communicate and exchange!

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