Trader Chen Shu: 10.19 Midnight Bitcoin and Ethereum Market Strategy *No. 1, Breaking New Highs Again, Pay Attention to the 6.85 Support on Pullback
On October 18, the midday article analysis provided a strategy of first falling then going long, suggesting to buy around 6.73/2610. Bitcoin's pullback did not reach the entry point of the strategy, while Ethereum had an entry opportunity at 2610, rebounding to the target point of 2660, securing a profit of 50 points. Congratulations to friends who followed the article's strategy. Currently, the market is once again strengthening in the short term, testing the 6.9 high point. Please see the following analysis for how to operate.
From the daily chart, Bitcoin's price has maintained a strong upward trend after pulling back to the daily MA5 today, breaking through the 6.85 neckline and is about to test the 6.9 high point. The next focus is whether the 6.85 neckline will turn from a resistance level to a support level. If it holds during a pullback in the 6.85-83 price range, a new round of upward movement will begin. Looking at the 4-hour chart, the upward movement has been consistently above the MA5/10 daily moving averages. In the short term, pay attention to whether it will pull back and break below the MA5/10 daily moving averages; if it loses these levels, a correction will begin.
Ethereum's trend is basically consistent with the midday analysis. After pulling back to 2610, it has once again moved upward, testing the 2660 resistance level. This is the pressure from the weekly MA60 moving average. First, pay attention to the breakthrough situation here; if it breaks through, it will continue to rise and test the 2700 neckline. The 4-hour chart has repeatedly tested around 2650; pay attention to whether it can break through subsequently.
Midnight Operation Strategy:
BTC/ETH: First, pay attention to the breakthrough situation at 6.9. If it breaks through, then monitor whether the 6.83 support is effective. If there is a tail-end pullback tonight, pay attention to the gains and losses of the 4-hour MA5/10 daily moving averages. Specific operation points will be provided in tomorrow's article.
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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