Trader Chen Shu: 10.26 Afternoon Bitcoin and Ethereum Market Strategy #1, Yesterday's Long Position Successfully Profited with Short-Term Long-Short Divergence Attention on Pullback Strength
On October 25th, I publicly provided two Bitcoin current price long strategies during the afternoon: one at 6.77 for a long position and another at 6.73 for an additional long position. The average long position price was around 6.75, and the long position successfully reached the profit target above 6.85, with a profit margin of 1000 points. Congratulations to those who followed the strategy! Currently, the weekend price has surged and then retraced. Please see the analysis below for how to operate.
Regarding Bitcoin, the daily line yesterday formed a small upper and lower shadow entity bearish candle, completely swallowing the previous day's gains. The 4-hour level has also broken below the dense moving average support zone above. Overall, market sentiment is bearish, and the daily line has currently broken below the MA5/10-day moving averages. The next support level looks at the MA30-day moving average (6.47), while short-term support can be observed at 6.66/6.65/6.63. The resistance level refers to 6.76, which is the MA256-day moving average on the 1-hour line. If it breaks below this level, it will enter a short-term oscillation and pullback. Until it re-establishes above 6.76, treat it as a pullback.
Regarding Ethereum, the recent weak pullbacks have essentially erased the previous surge to 2600, returning to a weak pullback trend. The daily line shows that yesterday again formed an entity bearish candle and broke below the daily MA60-day moving average support. The short-term outlook is clearly bearish, and it is expected to test the 2300 support level again.
Afternoon Operation Ideas:
BTC: Light short position near 6.73, increase short on rebound at 6.77, target around 6.55 (treating Saturday's small range of 6.73-6.65 first)
ETH: Light short position near 2470, increase short on rebound at 2495, target around 2350
Note: The short-term market has again returned to a weak trend. The daily line currently breaking below the MA5/10-day moving averages indicates that the short-term one-sided bullish trend has temporarily ended. Additionally, with the critical moving average support on the 1/4-hour chart broken, the market is also in a weak pullback. Therefore, before the price can re-establish at these key positions, maintain short-term shorts on rebounds.
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