Preface: Investment involves risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: Beijing time, October 17, 12:01
Market Information
- Goldman Sachs survey: Institutional investors are optimistic about gold and AI stocks;
- U.S. credit crisis intensifies, bank market value evaporates by over $100 billion;
- Federal Reserve's Barr lists risks to avoid in future stablecoin regulation;
- JPMorgan: Bitcoin network hash rate slowed in the first two weeks of October;
- Federal Reserve Governor Mester: Not focusing on asset bubbles when cutting interest rates;
- Despite seasonal bullish expectations, Bitcoin still faces heavy selling pressure;
Market Review
In recent days, Bitcoin has once again experienced a decline, breaking below the short-term low of 109,501, with the current low around 107,350. Ethereum's low is around 3,822, and the market has declined as expected;
Market Analysis
Bitcoin
On the daily chart, the previous high for Bitcoin was around 113,500. We positioned long at 111,000, which is close to the target but did not reach the resistance near 114,000. I'm not sure if anyone has positioned short; if so, you can exit now. If not, there may be opportunities to position during the day. Currently, Bitcoin has dropped to the short-term support near 107,000, with the 200-day moving average providing support. There may be a slight rebound opportunity in the short term, expected to reach around 112,000. After the rebound, the chance of further decline is greater, with significant resistance at 114,000. In trading, you can first position long, recommended entry at 108,500, stop loss at 107,000, and target at 111,000-112,000. After reaching this target, consider positioning short. Manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
Ethereum
Previously, we positioned short around 4,080, targeting 3,600. The current low is around 3,896. Those who positioned short can exit for now, waiting for a rebound to continue positioning short. On the daily chart, Ethereum has formed three large bearish candles, and the rebound high of 4,293 has not reached the expected rebound after the decline. The chance of further decline below 3,400 is significant. In trading, we should focus on high short strategies, recommended entry around 4,030, stop loss at 4,130, and target at 3,720-3,600. Manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
In summary:
Both Bitcoin and Ethereum have short-term rebound opportunities, and rebounds present short opportunities;
The article is time-sensitive, be aware of risks, the above is only personal advice, for reference only!
Follow the WeChat public account Crypto Lao Zhao to discuss the market together;
In the crypto world, some people's demands can only be met by scammers. Everything cheap must be taken advantage of by oneself, and only scammers can satisfy these.
In trading, not every market wave goes smoothly, and not every trade is satisfactory. That is just noise in the pursuit of profit. Compared to pursuing technical breakthroughs, I pay more attention to psychological development. Most people do not fail against themselves but against the self that confines them in a room. Even if life or trading is unsatisfactory, believe that there is light in the world and love among people. Even a small piece of happiness in life should be embraced with a smile. Only by overcoming oneself can the future market return unexpected surprises! Keep it up, crypto community.
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