Analyst Chen Shu: November 3 Afternoon Bitcoin and Ethereum Market Strategy *No. 1, Short on Rebound after Breakdown, Targeting 6.65 Low Support!
On November 2, I published an article suggesting a short on the rebound, providing a trading strategy for Bitcoin in the 7 range and a short strategy for Ethereum at 2530. The market has significantly declined today during the Asian session, breaking below the 6.9 support. How to operate during this oversold rebound is analyzed below.
From the daily chart of Bitcoin, it has broken below the MA10 daily moving average emphasized in yesterday's article. The overall market has shifted from weak consolidation to a weak correction. If the price cannot regain the daily MA10 moving average (6.95) today, it will continue this weak downward trend to test the MA30 daily moving average (6.65) low point, and this probability is quite high. On the 4-hour chart, the price has temporarily stopped falling and slightly rebounded at the MA120 daily moving average around 6.83, with the next support level at the MA256 daily moving average (6.55). Overall, it is recommended to treat the trend as a bearish consolidation.
On the daily chart of Ethereum, it again closed with a small bearish candle yesterday, breaking below the MA60 daily moving average, essentially falling into a bearish trend, with support at around 2380. On the 4-hour chart, the price is running below the MA5/10 daily moving averages, essentially showing a one-sided downward trend. The resistance level can be referenced from the 4-hour MA5/10 daily moving averages.
Afternoon Trading Strategy (Written at: 13:30):
BTC: Light short near 6.88, add to short on rebound at 6.94, target first at 6.8, reduce position if broken and hold for 6.66-6.55 range.
ETH: Light short near 2465, add to short on rebound at 2495, target 2380, reduce position if broken and hold for 2330.
Note: The short-term has shown a clear correction trend. If the daily price breaks below the 6.95-6.9 range, it should be treated as bearish in the short term. It is recommended to short on rebounds, with target points for corrections referencing the 6.66-6.55 price range.
The daily analysis strategy has a very high win rate! Analysis is not easy, and 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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