Trader Chen Shu: 10.29 Bitcoin and Ethereum Market Strategy *No. 1, emphasizing bullish outlook at 7.2, focusing on the breakthrough of the 7.2 high point.
On October 28, I posted four times, each time emphasizing a bullish mindset. The strategies provided were all focused on going long: buying at 6.78, 6.85, 6.87, with a target of 7.2. In last night's article, I emphasized that breaking through 70,000 to test 72,000 is expected to occur within 1-2 trading days. All market predictions were revealed in advance in the articles. Did you follow the bullish strategy? Congratulations to those who did; the current price is maintaining a high consolidation around 7.1. Please see the following analysis for operational guidance.
From the daily chart of Bitcoin, yesterday closed with a large bullish candle, and today continues to show bullishness, about to test the 7.2 neckline resistance shown in yesterday's article. First, we need to pay attention to the breakthrough and stabilization at 7.2. Once it breaks through 7.2, it will challenge the historical high of 7.37. From the current market situation, this probability is still quite high. On the 4-hour chart, after breaking the 6.95 high, the current price is steadily moving upwards along the 4-hour MA5/10 moving averages. As long as it continues to rely on the 5-day line, it will be a one-sided bullish trend, and we can treat it as a long position before any significant drop.
From the daily chart of Ethereum, with the significant rise of Bitcoin, Ethereum has consecutively closed 4 bullish candles. It has now broken and stabilized above the daily MA10 at 2570, with the next resistance level looking at the daily MA120 (2720). The 4-hour chart has already broken through the resistance level emphasized yesterday, and we are currently treating it as a bullish trend.
Afternoon operational strategy:
BTC: Light long positions near 7.07, add to long positions on a pullback to 70,000, target around 7.2; short positions are not considered for now, look for opportunities above 7.2.
ETH: Light long positions near 2605, add to long positions on a pullback to 2580, target above 2700, consider short positions above 2720.
Note: The short-term trend remains strong, with the 4-hour chart maintaining a one-sided upward movement. For the daily chart, we first look at the breakthrough situation at the 7.2 resistance level. If there is a pullback, feel free to enter long positions with a bullish outlook. For short positions, pay attention to whether there is a short-term pullback trend on the 1/4 hour charts.
The daily analysis strategy has a very high win rate! Analysis is not easy, and I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one!
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