Analyst Chen Shu: 11.1 midnight Bitcoin and Ethereum market strategy No. 1, non-agricultural positives drive prices up, focus on 7.07 position
On the afternoon of November 1st, an article was published giving the idea of shorting on rebound, and the idea of shorting at 7.07/2570 was given. The market rebounded to 7.16/2580 at its highest, and it has now fallen below the 70,000/2500 line again. Bitcoin made a small profit and Ethereum fell to the target point of 2580 at its lowest, making a profit of about 90 points. Congratulations to those who have followed the strategy. Please see the following analysis for how to operate after the current highs and falls.
Looking at the daily chart of Bitcoin, the daily line has once again closed with a negative K-line with upper and lower shadows, and the price is oscillating between the daily MA5/10 daily moving averages. The short-term pressure and support levels focus on the breakout of MA5 and MA10. If MA5 (7.1) stands firmly upward, the bull market will return, and if MA10 (6.92) falls downward, the bull market will end completely, and the test of 6.6 will continue downward. In the 4-hour chart, the MA30 daily moving average will be inserted upward in the evening and then closed with a negative K-line with a long shadow. Pay attention to the gains and losses of the MA60 daily moving average of 6.9 in the 4-hour chart.
Looking at the daily chart of Ethereum, it closed with a negative K-doji again today. Short-term support depends on the daily MA30/60-day moving average (2525-2490) range. Today's strategy is to short at 2570, with a target of 2480. The daily chart will focus on whether the price range of 2525-2490 can be maintained. If it is maintained, it will fall into a volatile consolidation market.
Midnight operation ideas (writing time: 00:30):
BTC: Short sell with a light position in the range of 7.06-7.12, with the target at 6.99. Reduce positions if it breaks and hold until it reaches 6.9; for long positions, consider shorting with a light position near 6.9/6.8.
ETH: Short in the 2550-80 range, target 2520-2480
Note: Tonight's non-agricultural market is basically characterized by a surge and then a fall to clean up the market. The short-term pressure level will depend on whether the 7.07 position can break through and stabilize. The support level will depend on whether 6.92-6.88 can break down. Treat it as a shock as the weekend approaches.
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