Trader Chen Shu: 11.1 Midnight Bitcoin and Ethereum Market Strategy *No. 2, US Stocks Plunge Leading to Rapid Drop in Coin Prices at 7.07 Support
On October 31, I published a post suggesting a long position, recommending to buy at 7.17/2610. The market rebounded to a high of 7.27/2650, but then fell rapidly in the evening with the significant drop in US stocks. The current price has dropped to around 7.05. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, today closed with a large bearish candlestick, and the current price has touched the daily MA5 moving average (7.07). The midnight market should first focus on whether this level can hold. If it holds, it will temporarily end the one-sided downtrend and enter a consolidation phase. If it fails to hold, we will continue to look for a pullback to the MA10 moving average at around 6.9. On the 4-hour chart, the last 4-hour candlestick closed as a large bearish candlestick, and the current price is about to retest the 4-hour MA30 moving average (7.02). This small support should also be monitored, while the support zone below at 6.95-6.9 is currently the key short-term support. If it continues to pull back, we should pay attention to this support level.
On the daily chart of Ethereum, today’s market also closed with a large bearish candlestick, and the current price has broken below the MA5/10 moving averages, stopping at the MA30 moving average. The support below should focus on the MA30/60 moving averages in the 2520-2490 range. On the 4-hour chart, the short-term has lost the MA256 moving average (2550), and we should watch whether it can regain the level above 2550.
Midnight Operational Thoughts (Writing Time: 02:00):
BTC: Lightly buy in the 7.07-7.02 range, with a stop loss set about 500 points below the average price, targeting above 7.15; consider lightly trying a short position above 7.2.
ETH: Buy at 2500-20, targeting above 2560; consider lightly trying a short position around 2570.
Note: In the short term, focus on the daily MA5 moving average (7.07) support, as well as the 4-hour MA30 moving average (7.02) situation. After today’s significant drop, there will be non-farm payroll data tomorrow, so pay attention to the daytime consolidation and correction market tomorrow.
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