Analyst Chen Shu: November 1 Midnight Bitcoin and Ethereum Market Strategy *1, Non-Farm Payrolls Boost Prices, Focus on 7.07 Position
On November 1, a post was made at noon providing a rebound short strategy, suggesting a short at 7.07/2570. The market rebounded to a high of 7.16/2580, and is currently falling below the 70,000/2500 line again. Bitcoin made a small profit while Ethereum dipped to the target point of 2580, achieving around 90 points in profit. Congratulations to those who followed the strategy. For the current high pullback, please see the analysis below.
From the daily chart of Bitcoin, it is currently forming a bearish candle with upper and lower shadows. The price is oscillating between the MA5 and MA10 daily moving averages. The short-term resistance and support levels focus on the breakout situation of MA5 and MA10. If it stabilizes above MA5 (7.1), it will return to a bullish trend; if it breaks below MA10 (6.92), the bullish trend will completely end, continuing to test 6.6. On the 4-hour chart, after a spike up to the MA30 daily moving average, it formed a long shadow bearish candle. Pay attention to the MA60 daily moving average at 6.9.
On the daily chart of Ethereum, it again formed a bearish candle with a doji today. The short-term support looks at the daily MA30/60 moving averages (2525-2490) range. Today's strategy suggests a short at 2570, targeting 2480. The daily chart should focus on whether the price range of 2525-2490 can hold. If it holds, it will enter a consolidation phase.
Midnight Trading Strategy (Written at: 00:30):
BTC: Lightly short in the 7.06-7.12 range, targeting 6.99. If it breaks, reduce positions and hold, looking down to 6.9; consider trying a light long near 6.9/6.8.
ETH: Short in the 2550-80 range, targeting 2520-2480.
Note: Tonight's non-farm payrolls will mainly focus on a high pullback washout. The short-term resistance level to watch is whether the 7.07 position can break and stabilize, while the support level looks at whether 6.92-6.88 will break down. As the weekend approaches, treat it as a consolidation.
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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