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The price of Bitcoin formed a 6% bullish candlestick yesterday, accompanied by a golden cross of the MACD indicator above the zero axis, along with corresponding volume, which very likely signals the beginning of a new upward trend for Bitcoin. So will this rise, like the previous ones, form a double top divergence and lead to a downward trend, or will it truly break through?
Let's take a look at Bitcoin's performance over the past 7 months. The descending channel started in March and has been adjusting for a full 7 months until now, mid-October. This moment could very well become a significant moment for us, a turning point.

The price of Bitcoin formed a double top when it first touched the upper boundary of the channel. The second time it formed a double top, it also touched the upper boundary of the channel and triggered a bearish divergence at the top. The third time was a 12-hour level divergence, where the price also reached the upper boundary of the channel, forming a divergence. After that, there were three significant downward retracements. So this time, when Bitcoin touches the upper boundary of the channel for the fourth time, will it form a new double top and a new divergence? Of course, Bitcoin's price has already created a new high, breaking through the upper boundary of the channel corresponding to the MACD indicator, and has formed a golden cross of the MACD indicator above the zero axis. So under what circumstances would it form a double top? Unless the MACD indicator of Bitcoin faces a death cross during the upward process, with the energy bars gradually shrinking, and of course, its fast and slow lines continuously moving down, while the corresponding price forms an upward movement, then we can call this a divergence.

Therefore, we closely monitor whether Bitcoin is truly breaking through, and we can judge it based on this standard. Of course, if the energy bars of its MACD indicator continue to rise, and the energy bars keep increasing, then at this time, its price will also rise to a higher position. In this phase, it is very likely that it is not a divergence, which means that Bitcoin's breakthrough can be confirmed as the arrival of a turning point, marking a true upward breakthrough. But what I currently see is that Bitcoin is strongly pushing upward. So if Bitcoin retraces to the 65,000 - 64,400 position again, it will be an important moment for us to add to our positions.

On the weekly chart level, we have been emphasizing for a month that if Bitcoin can form a double golden cross resonance on the weekly chart, along with stabilizing above 66,000 USD, then a new trend can also be established. The next moment will certainly be very exciting.

The price trend of Ethereum is relatively weaker than Bitcoin, but yesterday's increase reached 8.53%, while the bottom released a huge volume forming a golden bar. So next, if Ethereum retraces to around 2,550 USD, which is the midpoint of the golden bar, it can also serve as an important moment for us to add to our positions. At this time, we can patiently wait for the downward retracement and the moment to add to our positions. Chasing highs is something we do not want to see and should not do.

Next, I want to talk about the fact that even if a new upward wave of the bull market starts, more people will lose money and exit during this wave. Why do people still lose money even when the bull market arrives? Those who lose money will continue to lose money unless they eliminate their bad trading habits. Those who make money will continue to make money because they will always use profitable methods to earn back what they previously earned. Those who lose money are likely to continue using the same methods that caused them to lose money before. This is why many retail investors lose money during a bull market. As prices continue to rise, we believe more people will push their positions to higher levels, especially when prices reach new highs, their positions will be pushed higher rather than buying at the initiation or confirmation of a new wave. This is the reason many people lose money. In terms of position and capital management, as prices continue to rise, their positions will become heavier, and after a slight retracement, it is very likely to lead to a recurrence of the situations where they previously lost money. Besides Bitcoin and Ethereum, are there other cryptocurrencies to operate? In this round of market, the increase of Bitcoin and Ethereum will certainly not be small. The same logic applies; the increase of Bitcoin and Ethereum will also be the smallest increase, which means that altcoins will experience a greater explosion during the altcoin season. So which altcoins are worth our attention? Which altcoins should we focus on?

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