Trader Chen Shu: 10.25 Afternoon Bitcoin and Ethereum Market Strategy * No. 2, Yesterday's Strategy Perfectly Profited, Daily Support at 6.77 Long for Bounce
On October 24, the afternoon article analysis provided a long strategy at 6.67/2520, adding to the position at the lowest point, and the market perfectly reached the take-profit point at 6.78, securing nearly 1000 points of profit; meanwhile, midnight analysis again provided a long strategy at 6.75/2510, again reaching the target point for a profit of 1000/50 points. Congratulations to those who followed the strategy; currently, the price has surged and retraced. Please see the following analysis for guidance.
From the daily chart, Bitcoin closed with a short upper shadow red candle yesterday, the trend is basically consistent with the analysis, breaking and stabilizing above the emphasized 6.77 to accelerate up to a high of 6.88 before retracing. For the daily short term, first pay attention to the MA5/10 daily moving average at the 6.75-78 price range; on the 4-hour chart, the current price retraced after reaching the high of 6.88, testing the support at 4-hour MA30/60 at 6.76. In the short term, first focus on whether this support line is effective. The MA120/30/256 daily moving average price range at the 1-hour level is 6.77-75. The first touch of this support line on the daily can consider a short-term long position.
From the daily view of Ethereum, it closed with a small doji yesterday, maintaining a weak oscillation and retracement trend. Overall, it is not recommended to go long on dips but rather to think differently and short on rebounds. Currently, the 4-hour chart has broken the key support at MA256; it will accelerate downwards, with the pressure level first referencing the 4-hour MA256 daily moving average (2520). Stay bearish until it stabilizes above.
Afternoon Operation Approach:
BTC: Current price 6.77 light long position, add to long position on retracement to 6.72, target above 6.85; consider shorting above 6.9.
ETH: Light short on rebound in the 2530-60 range, target looking at around 50 points. The long position can remain synchronized with Bitcoin but the target needs to be smaller.
Note: Currently, the short term has touched the 6.77-75 price range. The first touch of this pressure level must be a long position to look for a bounce. Before it actually breaks this support level, consider a short-term long position for an upward view. Before the US stock market opens, this is the approach to take.
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