Trader Chen Shu: 10.17 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Perfect Entry for Short Position, Focus on the Strength of Pullback After Surge

In the analysis article on October 16th, the long position entry point was not reached, and the short strategy in the 6.83-88 range was perfectly executed, reaching the entry point with a minimum pullback to the 6.7 line. The short position achieved a profit of 1000 points, with precise point prediction. Congratulations to friends who followed the article's strategy. Currently, the market is maintaining a high consolidation above 67,000. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, the price's high point during the evening surge coincides with the neckline position shown in the afternoon article's image. The daily line is approaching the resistance level of 6.85. If it stabilizes above 6.85 in the future, it will continue to maintain a strong rebound and test the 70,000 psychological level. First, focus on whether the left shoulder neckline at 6.85 can break through and stabilize. On the 4-hour chart, the price is still strong, overall moving upwards along the 4-hour MA5/10 moving averages. If it loses the MA10 moving average in the short term, it may trigger a short-term pullback. Additionally, it is important to note that the current short-term rise is starting to show reduced volume, and this high-level fluctuation requires caution against the risk of a pullback.

Ethereum today closed with a small red doji candlestick, with overall volatility not large. The daily level resistance remains at the weekly MA60 moving average (2660) and the daily neckline resistance at 2700. First, focus on the breakthrough of these two resistance levels. On the 4-hour level, the MA5/10 moving average support has not yet been lost, so pay attention to the gains and losses of the MA5/10 moving averages. The 1-hour support is at the 2600 line.

Midnight Operational Thoughts:

BTC: Light long position at 6.75, add to long at pullback to 6.68, target 6.85. If it breaks, reduce position and hold for upward view; light short position above 6.88 looking for a 1-2000 point pullback.

ETH: Light long position near 2605, target 2630-2660; light short position above 2700-2680 looking for a 60-100 point pullback.

Note: Currently, the short-term trend is still maintaining a strong upward movement, but it is important to note that the short-term rise is occurring with reduced volume. If the 1/4 hour pullback cannot recover and stabilize above the MA5/10 moving averages again, it indicates the end of the short-term unilateral strong upward trend. Therefore, to determine whether a pullback is starting, focus on the gains and losses of the MA5/10 moving averages on the 1/4 hour level.

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 for discussion; I will reply to each one!

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