Trader Chen Shu: Bitcoin and Ethereum market strategy No. 1 in the early morning of October 4, weak fluctuations suggest rebound shorting
The article analysis at noon on October 3 gave the idea of range operation, and gave the idea of long at the current price in the 6.13-6.1 range. The rebound was weak and the afternoon and evening both fluctuated and fell below the 60,000 support. Unfortunately, it is recommended to rebound to protect the principal or exit with a small stop loss. The current market is short-term weak and volatile. Please see the following analysis for how to operate.
From the daily chart, the overall trend of Bitcoin is relatively weak. The price broke through 60,000 in the evening and then fluctuated weakly. The high point of the intraday rebound failed to break through and stabilize the MA256 daily average line (6.14). Once the daily line loses the MA60 daily average line (60,000), the price will further drop to 59,000 support and 55,000 lows. Focus on the break of the 60,000 integer mark. If the trend is to end the oscillating downward trend, it not only needs to stand above 60,000, but also break through the 6.15-20 range. Therefore, the next trend is to break through the 6-6.2 range to follow the trend.
Ethereum has a unilateral downward trend today. The strength of the rebound cannot break through the 4-hour MA5 daily average line. The point of today's article has not rebounded in place. At present, the pressure of Ethereum is in the price range of 2380-2400. If this line cannot be recovered, the short position will continue to 2170-2110. It is not recommended to follow up with long orders at this time. Just look for rebound opportunities to short.
Operation ideas in the early morning:
BTC: light long position near 60,000, target around 1,000 points (if participating in long orders, a small stop loss is required), above 6.1-6.15, you can consider light short position, rebound 6.2, you can increase short position, target 60,000, break and reduce position and hold to look down to 5.9, and be prudent and wait for the actual break of 60,000 and then short to look around 5.9 (if the short position actually breaks 60,000, it can be adjusted to a medium-term short position to look around 5.5; long positions near 6.1 in the afternoon are recommended to be exited after the rebound to protect the principal)
ETH: light short position at the rebound of 2350/2380, target 2320, break and reduce position and hold to look around 2280 (if Bitcoin falls below 60,000, you can simultaneously look at the medium-term to look around 2100);
Note ：At present, the price continues to fluctuate around 60,000, but the overall rebound is relatively weak. It is expected that the possibility of a downward break is greater. It is recommended to short the rebound. Once it breaks 60,000, the short-term may go through a larger level of correction again. If the price breaks through 6.Give up short selling in the price range of 15-6.2.
