Zhou Yanling: Bitcoin Weakness Today on October 8, Ethereum Rebound Continues to Short
Yesterday's market was truly exciting, with ups and downs that probably left many people confused. However, after all this turmoil, the market is currently in a relatively weak position. Looking at the daily and 4-hour charts, this wave of movement is actually still oscillating within a range. After all, the price hasn't changed significantly and is still hovering around 63,000. There's no need for everyone to be perplexed; if you look closely, it's not hard to find that only the K-line for washing positions is present on the chart. If you're looking for short trading signals, then below 64,000 is actually a good choice, as the technical pattern previously formed a small head and shoulders. Although it looks quite chaotic, the only resistance level you have besides the previous effective 64,800 is the current neckline resistance at 64,000. Yanling believes there isn't much difference between these two levels because no matter where you enter, you need to defend at 65,000.
Moreover, looking at the market strength after breaking below 62,600 this morning, this is essentially a repeated oscillation within a large range, and the resistance levels are quite effective. The fluctuations are happening in a way that feels impressive, so we just need to see its ability to continue selling off. There's no use in being anxious right now. If it's just short-term trading, it's much easier; you don't have to take the risk of breaking levels. As long as you can seize the rebound opportunities in time, making a profit from a 1,000-2,000 point drop in Bitcoin is sufficient, and then exit when it reaches the target, and then go long again. You can profit from both sides, and specific operational points are given below.
October 8 Bitcoin Trading Strategy:
Short at 63,300-62,800, stop loss above 63,800, target 62,000-61,600, continue to look for a breakdown towards around 60,700.
Short-term long at 61,600-62,000, stop loss below 61,200, target 62,500-62,900.
October 8 Ethereum Trading Strategy:
Short at 2,460-2,430, stop loss above 2,490, target 2,410-2,380-2,350.
Long at 2,350-2,380, stop loss below 2,320, target 2,410-2,440.
[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.]
The content of this article is exclusively 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 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, consultation on unblocking positions, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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