Analyst Chen Shu: Weak Fluctuation Adjustment on 10.16, Focus on 110,000 Support, Bitcoin and Ethereum Trend Analysis

From the daily chart of Bitcoin, it has closed with two consecutive bearish candles, and the price has once again approached the previous low support level around 110,000. Pay attention to the gains and losses at the 110,000 support level. If it breaks below, the trend will weaken again; conversely, if it holds above the 110,000 mark, it may maintain a weak fluctuation adjustment pattern in the short term. On the 4-hour chart, the short-term rebound has not surpassed the MA30 moving average resistance. The short-term pressure level to watch is the MA30 moving average at 112.5. Until this resistance level is broken, it should continue to be viewed as weak.

From the daily chart of Ethereum, it shows a triangular convergence fluctuation. The larger fluctuation range is between the MA10 and MA120 moving averages, specifically in the 4140-3830 range. During the day, pay attention to the support at 3830. On the 4-hour level, the short-term fluctuation adjustment is around the MA30 moving average at 4000. The pressure levels to watch are the MA30-60 moving averages at 4040-4070.

Midday Operation Strategy (Written at: 14:00):

BTC: Short at 111.5, add to short at 112.5 on rebound, target around 110,000; consider long positions at 109.5/108.5.

ETH: Short at 4040, add to short at 4100 on rebound, target 3950/3850; for longs, look for a rebound of 8-150 points at 3870/3800.

The daily analysis strategy has a very high win rate! Analysis is not easy, so 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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