Trader Chen Shu: October 12 Midnight Bitcoin and Ethereum Market Strategy *No. 2, Focus on the Breakthrough and Stabilization of the 6.21 Resistance Level After a Bottoming Rebound

In the analysis article on October 11, a short position was suggested around 6.18/2450, and the short position has already been entered as an opportunity. Currently, the market is experiencing a short-term rebound. Please see the following analysis for operational guidance.

Bitcoin currently has a short-term daily level resistance at the MA30/256-day moving average pressure at 6.21. This can serve as a watershed for the strength of the current market. If the price breaks through and stabilizes at 6.21, the short-term weak market will end. Conversely, if the rebound faces pressure and falls back, it will maintain a weak oscillation testing the 60,000 mark. Trend-wise, focus on the breakthrough and stabilization at 6.21. The 4-hour chart shows consecutive red candlesticks, and the price is about to reach the MA120-day moving average (6.3) resistance level. If it breaks through and stabilizes at 6.21, it will continue to rebound and test the 6.3 resistance.

Ethereum's rebound strength is not significant. Currently, the 4-hour chart is about to reach the MA256-day moving average (2460) resistance level. The first touch can be considered for a short position at this line. Meanwhile, the strong resistance level on the daily chart is at the MA30/60 moving averages around the 2500 line, so first focus on the breakthrough situation at 2460.

Midnight Operational Thoughts:

BTC: Current price around 6.23, lightly short, with a target looking at 6.1-6.05 area (the midday strategy is also applicable for reference).

ETH: Current price around 2450, lightly short, with a target looking at 2420-2400 area (the midday strategy is also applicable for reference).

Note: The current short-term key resistance level is at 6.21, and it is necessary to see if this line can break through and stabilize. As the weekend approaches, the probability of a pullback correction is relatively high. Before stabilizing at 6.21, one can hold short positions to look for a pullback.

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