Market analysis on October 8th: Currently, Bitcoin is expected to move down in the third wave at the 1-hour level, pay attention to the strength of the pullback.

CN
5 hours ago

Daily Share

Bitcoin surged to 64478 last night but did not break through 64500, so it should still be in the process of a 4-hour level correction. Currently, it still leans towards a retest of around 60000 or even lower.

BTC

Due to the rapid changes in the market, this article can only make predictions based on the market conditions at the time of publication. Short-term players should pay attention to the latest market changes, and this should only be used as a reference.

1H:

At the 1-hour level, since it failed to break through 64500 yesterday, it leans towards another 1-hour level decline to retest around 60000 or 59000. If it gets more complex, it could also form a central range before moving down further.

Some people are worried that the market might surge again, leading to an early end of the correction. Here, we can choose 63500 as an observation point. If it breaks through 63500 again, then Bitcoin may continue to rise; if it does not break through, it may continue to correct towards 60000.

15M:

At the 15-minute level, it currently looks like it is consolidating in a 15-minute central range. If it does not break through 63500, there will likely be another 15-minute level decline, and we should observe whether it can reach around 60600.

ETH

From the structure of Ethereum, the drop from 2728 to 2310 is merely a 1-hour level decline, and there is no clear second 1-hour level rebound in between. Therefore, I believe the 4-hour level decline for Ethereum is likely not over, as the structure is incomplete. If we forcefully consider this 1-hour level decline (2728~2310) as a complete 4-hour level decline, I think that is too much of a stretch. Thus, Ethereum likely has another 1-hour level decline to retest around 2300 or 2250.

If the short-term rebound does not break through 2465, it indicates that the 1-hour correction is not over and may continue to move down.

Trend Direction

Weekly Level: Direction is down; theoretically, around 49000 is about right. Whether it has ended still needs observation, but the probability of starting a weekly rebound is increasing.

Daily Level: Direction is up; in the short term, we should continue to look at the range of 67000~70000.

4-Hour Level: Direction is down; normally, the 4-hour correction has not ended.

1-Hour Level: Direction is down; if it breaks through 63500 again, we need to consider the possibility that the 1-hour correction has ended.

15-Minute Level: Direction is down; we are looking at whether the next 15-minute level correction reaches around 60600.

Feel free to follow my public account for discussion and exchange:

The article is time-sensitive; please pay attention to risks. The views in the article are personal suggestions and for reference only!

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