Analyst Chen Shu: November 5 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Short positions are effectively focused on the 6.85-6.95 range for short-term breakouts.
On November 4, I published an article suggesting a short-selling strategy during the rebound, proposing a short at 6.93/2500. Bitcoin rebounded to around 6.92 at its highest, then dipped to the target point of 6.8, successfully capturing over 1000 points on the short position. The analysis was largely correct. Currently, for the continued weak downward trend in the short term, please refer to the following analysis for operational guidance.
From the daily chart of Bitcoin, today's rebound has not surpassed the MA5/10 moving averages, indicating a clear weak market. The current short-term resistance is at the MA5/10 daily moving averages (6.92-6.96). As long as the price cannot stay above this line, it should be treated as a weak pullback. The overall trend range should first focus on the 4-hour MA120-60 daily moving average range of 6.85-6.95. A breakout would indicate the market price direction, while the key dividing line for bulls and bears remains consistent with the midday analysis at the 1-hour MA256 daily moving average (6.93).
Looking at the daily chart of Ethereum, the overall trend remains below the MA5 daily moving average, showing a clear weak pullback. The support below is first at the 2380 line, while the resistance can be observed at the 4-hour MA5/10 daily moving averages. For operations, do not consider going long for now; short on rebounds is sufficient.
Midnight Operational Thoughts (Written at: 00:30):
BTC: Light short near 6.85, add to short on rebound at 6.9, target around 6.75, reduce position if broken and hold for a look at 6.7.
ETH: Light short near 2450, add to short on rebound at 2480, target first at 2400, reduce position if broken and hold for a look at 2380.
Note: The short-term outlook is clearly bearish; maintain short positions on rebounds. Do not consider long positions for now; wait for a daily pullback to the MA30 daily moving average (6.7) and a pin bar before considering a long position on rebounds.
Daily analysis strategies have 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 for discussion; I will reply to each one!
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