Trader Chen Shu: 10.30 Bitcoin and Ethereum Market Strategy *No. 1, yesterday's long position strategy was correct, continue to go long on intraday pullbacks.
On October 29, I published a long position idea, suggesting to go long at 7.07/2605, both close to our entry point. The long position idea targeting above 7.2 was correct. The midnight article analysis again suggested a long position at 7.2/2630, and a short position at 7.35, with the lowest dipping to 7.19. The short position achieved over 1500 points in profit. Congratulations to those who followed the strategy. Currently, the price is experiencing a high-level consolidation after a surge. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, after breaking through the 7.2 neckline emphasized in yesterday's article, it approached a historical high. The current price has retraced to the 7.2 neckline and rebounded upwards again. Daily support should first focus on whether the 7.2 neckline holds. If it does, this line will transform from resistance to support, forming a top-bottom conversion position to initiate a new round of upward movement. The 4-hour chart shows that the overall market is still maintaining an upward trend above the 4-hour MA5 moving average. As long as MA5 is not lost, a one-sided upward trend will be maintained. It is recommended to look for bullish opportunities on pullbacks.
From the daily chart of Ethereum, the trend is basically consistent with yesterday's afternoon analysis. The current price is approaching the daily MA120 moving average (2715), and this price will continue to adjust downwards. The first round of touching can still be used for short-term pullback shorts. For intraday operations, first look for a pullback to go long above 2700.
Afternoon operational ideas:
BTC: Light long positions in the 7.16-7.2 range, targeting 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 2635-2605 range, targeting 2700-20; light shorts above 2710 looking for a 50-point pullback.
Note: Currently, the short-term trend is still a one-sided upward market. Do not hesitate to participate in long positions just because the current price seems high. A historical high will definitely be broken in the near future. Regardless of the level of the candlestick chart, the bullish sentiment is strong. Try not to operate against the trend; wait for a real pullback trend to emerge before following up with short positions.
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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