Trader Chen Shu: 10.18 Bitcoin and Ethereum Market Strategy *No. 1, Analyzing the Pressure Level of 6.85 and Current Trend Judgments

In the analysis article from the afternoon of October 17, a strategy of first falling then going long was provided, suggesting a short position near 6.74. After entering the short position, the price dipped to around 6.67. For Ethereum, a long strategy was suggested at 2580, with a maximum rebound to around 2630, securing a 50-point rebound profit. In the midnight analysis article, a long position was again suggested at 6.68/2580, achieving a profit of 1000/70 points. The price predictions were accurate, and congratulations to those who followed the article's strategy. Currently, the market is experiencing narrow fluctuations in the short term. Please see the following analysis for operational guidance.

From the daily chart of Bitcoin, yesterday closed with a small green candlestick influenced by the upper and lower shadows. After yesterday's fluctuating adjustment, the deviated daily MA5 moving average has once again coincided with the candlestick. Currently, it is strongly testing the high point of 6.85. Today, we should pay attention to whether it can break through and stabilize above 6.85. Once it breaks through and stabilizes, the short-term trend will continue to be strong and break upwards again. Looking at the 4-hour chart, the price has returned above the MA5/10 moving averages, but there is still significant selling pressure above 6.8. The short-term support to watch is whether it will lose the MA5/10 moving averages.

Ethereum has consecutively formed three doji candlesticks on the daily chart, and the price is currently fluctuating around 2600. We should pay attention to whether the price can continue to stay above the daily MA5 moving average. The resistance levels remain at the weekly MA60 moving average (2660) and the previous strong resistance level of 2700. These two positions have been emphasized multiple times in this week's articles.

Afternoon Operational Strategy:

BTC: Light long at 6.73, add long at 6.68, target 6.8-85, reduce position if it breaks and hold for further upside.

ETH: Light long at 2610, add long at 2580, target 2660, reduce position if it breaks and hold for 2700.

Note: The short-term resistance level to watch is whether the neckline position at 6.85 can break through and stabilize. If it breaks upwards, then look towards the 70,000 area; if it breaks upwards and then shows a retracement trend, we only need to pay attention to whether the 4-hour MA5/10 moving averages will be lost, being cautious of a false breakout and true retracement today, which is Friday.

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!

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