Trader Chen Shu: 10.30 Midnight Bitcoin and Ethereum Market Strategy *No. 1, the long position idea is correct, and the price is about to approach the historical high!
On October 29, I published a long position idea, suggesting to go long at 7.07/2605, which is close to our entry point. The long position idea looks correct at the 7.2 high point. Congratulations to those who followed the idea and executed the trade. The current price is maintaining a high consolidation around 7.3. Please see the analysis below for how to operate.
From the daily chart of Bitcoin, it has closed with two consecutive large bullish candles, completely breaking through the 7.2 neckline resistance mentioned in today's afternoon article, and is nearing the previous historical high of 7.37. The likelihood of breaking through 7.37 is very high. The overall market should still focus on buying on dips. For daily resistance, we will first look at the historical high of 7.37; on the 4-hour chart, the price today has not given any opportunity to retrace to the MA10 daily moving average, showing a one-sided upward trend. In the short term, we only need to pay attention to the gains and losses of the MA5 daily moving average. As long as it does not break below the 4-hour MA5, we maintain a bullish outlook and continue to hold long positions.
From the daily chart of Ethereum, the trend is basically consistent with today's afternoon analysis. The price has currently risen to around 2670, about to touch the daily MA120 moving average (2720) high point. If it touches for the first time, consider taking a short position for a short-term pullback; on the 4-hour chart, it is also showing strong performance, and we only need to pay attention to the gains and losses of the 4-hour MA5 daily moving average.
Midnight Operation Ideas:
BTC: Light long positions in the 7.23-7.2 range, add to long positions on a pullback to 7.15, with a target above 7.3; short positions can be considered in the 7.35-7.4 range with a small stop loss for short-term shorts.
ETH: Light long positions in the 2650-30 range, with a target in the 2720-50 range; light short positions above 2720, looking for a 50-point pullback.
Note: The short-term trend is still quite strong, maintaining a one-sided upward movement on the 4-hour chart. For the daily chart, we will first look at the breakout situation at the 7.2 resistance level. If there is a pullback, feel free to enter long positions and look for bullish opportunities. For short positions, pay attention to whether there is a short-term pullback trend on the 1/4-hour chart.
The daily analysis strategy has a very high win rate! Analysis is not easy, so I hope everyone can give a free follow, bookmark, 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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