Zhou Yanling: Why Did Bitcoin Plummet on October 2nd? How to Operate in the Future? Attached Long Position Unwinding Strategy
Many people are asking why there was a sudden crash yesterday. Although there was a technical need for a pullback, the main trigger for such a significant drop was the impact of geopolitical situations: Iran launched a series of ballistic missiles at Israel yesterday (October 1st) in retaliation for Israel's strikes against Tehran's Hezbollah allies in Lebanon, and Israel vowed to retaliate against its enemies. After the news of Iran's missile attack broke, the price of cryptocurrencies plummeted.
Looking back at the market, around noon yesterday, Yanling provided the entry point of 64000 for a short position (details can be found in my article from yesterday: Zhou Yanling: 10.1 Non-Farm Payrolls - Treating Weak Fluctuations, Today's Bitcoin and Ethereum Latest Operation Strategy). I wonder how many people followed along? Long-time followers must have made a good profit, haha. Without further ado, let's get straight to today's topic. The current price of Bitcoin is fluctuating around 61500. After last night's continuous sell-off, the market started to recover and rebound during the day. Both the daily and 4-hour charts are under pressure from high levels, and the current 4-hour structure is weak with clear resistance. There are still signs of a pullback in the short term. Additionally, everyone should continue to pay attention to the news and not be careless. The pressure above the price in the short term is extremely critical around 62500. If it does not break through this level before the Non-Farm Payrolls, then a rise is unlikely. Today's operation should continue to short on the rebound.
10.2 Bitcoin Operation Strategy:
Short at 62200-61800, stop loss above 62700, target 60500-60000, continue to look for a breakdown towards 59200, and then 57800.
If the price does not break below 59000, take a light long position, long at 59100-59600, stop loss below 58500, target 60100-60600.
10.2 Ethereum Operation Strategy:
Short at 2510-2480, stop loss above 2550, target 2440-2410, continue to look for a breakdown towards 2345.
Long at 2340-2380, stop loss below 2300, target 2410-2450.
What to Do If Your Long Position Is Stuck:
Recently, the market has experienced significant volatility with large ups and downs, and many cryptocurrency friends have positions that are stuck. If you are reading my article and find yourself in this situation, don't panic. Since everyone's situation is different regarding entry points and risk levels, I cannot provide a detailed unwinding plan and operational points here. If any cryptocurrency friends are still stuck in this predicament, you can follow my public account: Zhou Yanling, to obtain more specific unwinding strategies to help you escape this predicament as soon as possible.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
This article is exclusively shared by senior analyst Zhou Yanling (public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. For more real-time community guidance, unwinding consultations, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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