Zhou Yanling: Bitcoin and Ethereum Latest Analysis After Pullback on October 7
The price of cryptocurrencies today surged directly in the early hours of Monday, which is just solidifying the bottom. The Middle East war and the Russia-Ukraine war are both not stopping anytime soon. Israel will inevitably retaliate against Iran, and the situation in the Middle East is clearly tense. As long as the war continues, the risk-averse sentiment will not dissipate, and the risk-averse funds will not leave;
From the market trend, the daily chart recorded another small consecutive rise. Overall, the daily price level is still in a high-level consolidation trend, continuing to intensify the upward divergence of the daily moving averages. As Yanling mentioned yesterday, the medium-term outlook remains bullish, and the operation maintains a long-term bullish guidance. The hourly chart shows that the short-term price has pulled back after a surge and has stabilized again below the hourly moving average resistance level. The overall hourly moving averages are showing a converging pattern, maintaining a short-term oscillating trend guidance. As the high-level consolidation period extends, the current four-hour price is gradually stabilizing below the indicator support level, with the four-hour moving averages showing a downward crossover arrangement, indicating signs of resistance and pullback in the short term. Many people missed the opportunity to ride the wave of today's rapid price surge, but Zhou Yanling expects a slight pullback opportunity during the day, followed by further bullish performance. Overall, Monday is still a one-sided upward trend, and the operation should focus on buying on dips, avoiding blind chasing of prices, and paying attention to controlling entry points and reasonably arranging positions.
October 7 Bitcoin Trading Strategy:
Buy at 63000-63500, stop loss below 62500, target 64300-64800, continue to break upwards to look for around 65600.
Sell at 64800-64300, stop loss above 65300, target 64000-63600.
October 7 Ethereum Trading Strategy:
Buy at 2470-2500, stop loss below 2440, target 2560-2600, continue to break upwards to look for around 2650.
Sell at 2590-2550, stop loss above 2630, target 2520-2490.
[The above analysis and strategies are for reference only. Please bear the risk yourself. The article 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 authored and shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years, currently mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. For more real-time community guidance, consultation on position liquidation, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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