Trader Chen Shu: Evening Market Strategy Reminder for October 11, Short-term Slow Rebound Focus on Resistance Levels

In the short term, Bitcoin has been continuously rebounding since the drop to 5.9. The price is currently back above 6.1. The short-term resistance level to watch is the MA120/256 on the 1-hour chart, which is in the 6.18-6.2 range. This resistance level also corresponds to the MA30/60 on the 4-hour chart. The midday strategy suggests a light short position at 6.14, and an additional short position can be executed at 6.2. Near 6.14, a small position can be entered to observe the breakthrough of the resistance level. If an opportunity arises near the MA256/30 on the daily chart (6.21), a direct short can be taken. The support level is around 6.05.

Ethereum touched the resistance level around 2430 in the evening, showing slightly weaker rebound strength compared to Bitcoin. The key resistance levels to watch are the MA256 on the 4-hour chart at 2460, and the MA30 on the daily chart at 2480. If these levels are reached, a short position can be attempted. Similarly, a small short position can be taken around 2430, with the support level at around 2400.

Evening Trading Thoughts:

BTC: Light short at 6.14, add to short at 6.2 on rebound, target 6.05. If it breaks, reduce position and hold for a target of 5.9; long positions need to consider the stability at 6.05, primarily focusing on shorting on rebounds.

ETH: Light short at 2430, add to short at 2460-80 on rebound, target 2400. If it breaks, reduce position and hold for a target of 2350.

Note: Although the 4-hour chart has seen several consecutive bullish candles, the resistance levels above need to be monitored. If it cannot break through with volume, it is expected to encounter resistance and pull back. Only if it strongly stands above 6.2 can we view the market from a bullish perspective.

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