Trader Chen Shu: 10.18 Midnight Bitcoin and Ethereum Market Strategy *No. 1, Narrow Range Fluctuation Focus on the Strength of Downward Breakout

The analysis in the article on October 17 suggested a strategy of first falling then going long, providing a short strategy around 6.74. After entering the short position, it dipped to a low of 6.67. For Ethereum, a long strategy was suggested at 2580, with a maximum rebound to around 2630, securing a 50-point rebound profit. The price prediction was accurate, congratulations to those who followed the article's strategy. Currently, the market is in a short-term narrow range fluctuation. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, today’s narrow range fluctuation keeps the overall price around 6.7, showing signs of a corrective pullback. In the short term, it may retest the MA5 (6.62). The resistance level still needs to focus on the neck line resistance at 6.85 emphasized in recent days. On the 4-hour chart, the price has pulled back to the middle band of the Bollinger Bands, rebounding back to the MA5/10 daily moving average range of 6.73-75. Watch if it can stay above the 4-hour MA5/10 moving averages.

Ethereum's daily chart shows another small red doji candlestick today, maintaining a fluctuation around 2600. The overall resistance level still refers to the weekly MA60 (2660) and the neck line at 2700. On the 4-hour chart, today’s volatility mainly revolves around the MA5/10 daily moving averages, with the support level being the daily MA5 at 2580.

Midnight Operational Strategy:

BTC: Light long position near the current price of 6.68, add to the long position at 66.2, target 6.75-6.8; consider entering short above 6.8.

ETH: Light long position in the range of 2580-2560, target 2630-2660; light short above 2660-2680 looking for a 60-100 point pullback.

Note: In the short term, first focus on the breakout situation of today’s narrow range fluctuation in the US market, expected in the range of 6.65-6.77. Pay attention to the breakout of this small range, and be cautious of a tail drop on the last trading day of Friday.

Daily analysis strategy has a very high win rate! Analysis is not easy, I hope everyone can give a free follow, bookmark, like, and comment, thank you all, and feel free to leave messages for discussion below; I will reply one by one!

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