Analysis of BTC's intraday market strategy on October 31: first short, then long
Yesterday, Bitcoin was in a sideways consolidation, with limited trading space. The article provided a long position at 71900/2622, which hasn’t yielded much profit yet, and it is still being held. The second position made a profit of 83 points (two waves). Congratulations to the bulls for making gains. The current coin price is still around 723. Today's strategy:
The daily line shows a long lower shadow, still at a high position, indicating heavy selling pressure, but buying support is also active, suggesting exhaustion of upward momentum for the bulls. It’s advisable to short first!
The participation during the daytime is not high, and it may be a repeat of yesterday's scenario,
with a long upper shadow bullish candle followed by several bearish candles.
In the 4-hour technical indicators for BTC, they are all leaning towards bearish. The MACD has formed a death cross, and the red bars have turned green. The KDJ has also formed a death cross but shows signs of crossing upwards. The RSI is in the overbought area and is consolidating.
The daily indicators have not yet shown bearish signs, so the conclusion for today is to short first, then long.
Thursday's operational strategy:
BTC: short at 72575-72990, with a target around 715, if it breaks below, aim for 710; if it stops falling, consider reversing to long around 729 (specifics depend on timing and the strength of the decline).
ETH: short at 2669-2680, with a target at 2630, if it breaks below, aim for 2604; if it stops falling, consider reversing to long around 2670.
The above is just personal advice. Manage stop-loss and risk control based on your risk tolerance and position size. The points mentioned in the article are time-sensitive. Please like and follow!
