Trader Chen Shu: Bitcoin and Ethereum Market Strategy for the Evening of October 30th *No. 2, Watch for Effective Support on Pullback After a Surge
On October 30th, I published an article at noon providing a long position strategy, suggesting to go long at 7.16/2635. There is an entry opportunity for Bitcoin long positions, while Ethereum has maintained a strong rebound during Bitcoin's stagnation. The current price has pulled back to around 7.15. Please see the analysis below for operational guidance.
From the daily chart of Bitcoin, the 7.2 neckline mentioned in the noon article has been broken in the short-term pullback. We need to pay attention to whether it can regain this level in the evening. The daily moving averages are significantly diverged; if a pullback occurs, the daily MA5 moving average is expected to be around 7.05. On the 4-hour chart, the current price has broken below the MA5/10 moving average support. If it continues to decline, we need to first watch whether the 7.15 level can hold. If it does not break, a pullback to this support level may lead to a return to a strong upward trend. If it breaks below 7.15, the daily MA5 moving average support is expected to be between 7.05 and 7.0.
From the daily chart of Ethereum, the recent price movement has been consistent with the analysis in the article. Today, during Bitcoin's stagnation, Ethereum is testing the 2700 round number for a rebound. The daily price is currently close to the MA120 moving average (2715). A first touch can still allow for a light short position, but this does not mean that touching 2715 will end the bullish trend.
Evening Trading Strategy (Written at 22:00):
BTC: Light long positions at 7.15-7.2; for a more conservative approach, wait for a pullback to the 7.1-7.03 range to go long, targeting above 7.25. Short positions can be considered in the 7.35-7.4 range with a small stop loss for a short-term trade.
ETH: Light short positions in the 2720-2740 range, with a stop loss of about 30 points, targeting around 50 points. If it touches the 2660-30 range below, consider going long with a target above 2700.
Note: Currently, the price movement shows signs of stagnation. Pay attention to the strength of tonight's pullback. If the 4-hour level confirms a break below the MA5/10 moving averages, it will completely lose the 7.2 level, and a short-term pullback to around 7.05 support may occur. Focus on the strength of tonight's pullback before making a judgment; the overall market still maintains a bullish trend.
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; I will reply to each one!
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