Trader Chen Shu: Bitcoin and Ethereum Market Strategies at Noon on 9.27 *1, How to Trade Cautiously After the Upward Breakthrough of the Range?

Summary of the Noon Article on 9.26: The trading ideas for both long and short positions provided at noon on the 26th gave opportunities for both long and short positions, with profitable space for both. The overall trend prediction was correct. The long position for Ethereum at 2580 on Wednesday continues to be profitable. Congratulations to friends who followed the range operations in the article. The current market has broken through the oscillation range and is maintained around 6.5. Please see my analysis below for how to operate next.

Looking at the daily chart of Bitcoin, yesterday's closing formed a large solid bullish candle, and the price retraced to the MA5/10 moving average. To maintain the current bullish trend, the price needs to sustainably stay above the 6.5 high point, and on the weekly chart, it needs to sustainably break through and stay above the MA30 moving average (6.4). Therefore, it is important to pay attention to whether the 6.5 level can be held. If it is held, it represents a successful breakthrough to the upside, and in the short term, 6.5 can also be seen as the dividing line between long and short positions. Looking at the 4-hour chart, although the price continues to break new highs, the strength of the breakthrough is relatively small. Currently, the upward trend on the 4-hour chart steadily follows the MA5 moving average, so continue to pay attention to the strength of the upward breakthrough.

As for Ethereum, the MA10/60 moving averages on the daily chart are currently overlapping, with this line of support at 2580. Currently, the price is basically stable above this line. Looking at the 6-hour chart, after the previous oscillation, the MA256 moving average (2630) has already been broken through. Pay attention to whether the subsequent retracement can test and stay above 2630, which can also be seen as the current short-term dividing line between long and short positions.

Midday Suggestions:

BTC: Long position with light position at 6.4-6.45, target near 6.6; Try short position with light position in the range of 6.55-6.6, target around 1000 points to the downside.

ETH: Continue to hold the long position at 2580 on Wednesday; Long position with light position near 2640 during the day, add to the long position on the retracement to 2620, target 2700-2760.

Note: Bitcoin maintains high-level oscillation during the day, but currently lacks the strength to continue the breakthrough to the upside. Before the opening of the US stock market, continue to pay attention to the gains and losses of the above short-term long and short position dividing lines. Also, pay attention to the opening of the US stock market in the evening.

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