Trader Chen Shu: 10.17 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Yesterday's Short Position Perfectly Predicted, Focus on Short-term Pullback Strength

In the analysis from the afternoon of October 16, the long position entry point was not reached, and the short strategy for the 6.83-88 range was perfectly executed, reaching the entry point, with the lowest pullback to around 6.7, resulting in a profit of 1000 points from the short position. The point prediction was accurate, congratulations to those who followed the article's strategy. Currently, the market is experiencing a short-term pullback correction; please see the following analysis for operational guidance.

From the daily chart of Bitcoin, yesterday again closed with a red candlestick, with the price rebounding to the neck line resistance level of 6.85 emphasized yesterday before starting to pull back. The daily level needs to continue to focus on the breakthrough and stabilization of 6.85. If it stabilizes above this line, the short-term will continue to rise and test 70,000. The 4-hour chart shows that there have been 5 consecutive green candlesticks with upper and lower shadows. The MA5/10 moving averages are about to converge and turn downwards. In the short term, first look at the breakdown of the MA10 moving average. If it loses the 4-hour MA10, then the short-term may start a pullback correction.

Ethereum's daily chart closed with a doji yesterday, with the price oscillating and adjusting above 2600 points, while the price is holding above the weekly MA60 moving average (2660) and the neck line resistance at 2700. Focus on this resistance level. The 4-hour chart shows that the price is still above the MA5/10 moving averages, so pay attention to whether the subsequent pullback breaks below the 4-hour MA5/10 moving averages.

Afternoon Operational Thoughts:

BTC: Short first, then long - short at 6.74 looking for 6.63 nearby; long at 6.64-6.6 looking for above 6.7.

ETH: Light long in the 2600-2580 range, target 2630-2660; light short at 2660-2680 looking for a 60-100 point pullback.

Note: Currently, there are signs of a short-term pullback. Pay attention to the loss of short-term support at 6.7-6.68. If it loses this level, it may pull back to the 4-hour Bollinger Band midline at around 6.63, which is also near the daily MA5 line. With the U.S. stock market opening, first look for a pullback correction.

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; I will reply to each one!

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