Trader Chen Shu: 10.31 Bitcoin and Ethereum Market Strategy *No. 1, Yesterday's Long and Short Strategy Perfectly Timed for Intraday Pullback to Continue Long
On October 30, I published a post providing a long position idea, suggesting to go long at 7.16/2635. The market rebounded to a high of 7.3/2720, with long positions yielding profits of over 1000/80. In the evening analysis, I again suggested going short on Ethereum at 2720, which dipped to a low of 2635, successfully predicting the short position and gaining over 80 points. Congratulations to those who followed the operation. Currently, the price remains in a narrow range above 7.2. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, yesterday closed with a lower shadow bearish candle, affected by the decline of the US stock market last night. The current price has returned above 7.2. Today, we need to pay attention to whether 7.2 can become a strong support for the current market's long and short top-bottom conversion. Looking at the 4-hour chart, after last night's fluctuations, the price has not lost the MA5/10-day moving average and has returned above this line. Today, we need to monitor whether it can consistently hold above this line. If it fails, a short-term correction will occur; conversely, it will continue to maintain a strong upward trend testing 7.3. It is recommended to focus on buying on pullbacks.
On the daily chart of Ethereum, yesterday's trend was consistent with the analysis in recent articles. The price touched the daily MA120 moving average and then experienced a pullback of over 80 points. The strategy yesterday also arranged to short at this line, perfectly predicting profits. Today, we will continue to monitor the breakthrough situation at this line, specifically the resistance level of 2710.
Afternoon Operational Ideas (Written at 13:30):
BTC: Light long positions in the range of 7.22-7.17, targeting above 7.3; short positions can be considered in the range of 7.35-7.4 with a small stop loss for short-term shorts.
ETH: Long in the range of 2640-10, targeting around 2700; a small stop loss near 2710 for another short, targeting around 50 points.
Note: Today, pay attention to whether the 4-hour MA5/10-day moving average is lost. As long as it continues to fluctuate above the 4-hour MA5/10-day moving average, it indicates that the trend remains strong. To assess market strength, we can also monitor whether the previous pullback low of 7.14 is broken.
The daily analysis strategy has a 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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