The Wind Rises and the Clouds Fly High

Good evening, everyone. I am Trader Gege. I initially planned to update daily with short-term trading insights, but it has been a bit challenging recently. I will gradually increase the frequency of article updates. Internal short-term trading is basically happening every day. Today's plunge market saw both long and short positions benefiting, and the entry points were quite good. I won't ramble on here.

Let’s briefly discuss the market for Bitcoin. Today, the daytime market was in a narrow range of fluctuations and adjustments. Around 8 PM, it started to rise slowly from the 65400 level, and by 9:30 PM, it surged directly to the 67900 level, where it faced resistance and began to plunge, dropping directly to the 64770 level, and then started to rebound, currently sitting around the 67000 level. It rose over 2000 dollars, then plunged over 3000 dollars, and went through a wash of over 5000 dollars. Why describe this plunge?

Because in my memory, I haven't seen a market wash of several thousand dollars in just 1-2 hours for several months. I’m not sure if I’m mistaken. This kind of market reminds me of the feelings from 2020 and 2021, where one characteristic of a bull market is slow rises followed by sharp drops. In a bull market, sharp drops and washouts occur frequently, and a healthy upward trend must be accompanied by pullbacks for the upward structure to last.

Of course, historical trends can only serve as a reference, especially for this year's trends. We cannot blindly seek answers from the past but rather find some patterns based on previous movements. I have also seen many people in the market say that this year's trends are relatively difficult to navigate, perhaps due to the involvement of Wall Street capital. As I mentioned in previous articles, ETFs might be a double-edged sword; for retail investors, this space is no longer as pure as it used to be. Previously, there were more products with hundreds or even thousands of times returns, but now the project parties are not as appealing. Regardless, this is something that cannot be changed, so we can only improve ourselves, refine our trading systems, and ensure we have the capital to gain some profits. After all, for ordinary people, this space remains the most opportunistic financial market.

Regarding the long-term trend, I maintain my previous view. Whether the October market can break out of the large range and reach a historical high will be a key time node in the latter half of this month. I still believe that as long as we can push above 70,000, reaching a historical high will not be a problem. Once such a market emerges, even if it rises to 80,000 or above, we must not get overly excited. We can refer to the method of washing spot positions mentioned earlier. On the other hand, if we touch 70,000 or even 72,000 again and then plunge down, as long as the weekly MA60 does not break, the structure will not deteriorate. This is the forecast for the long-term cycle, and the overall structural forecast is not suitable for short-term operations.

For short-term Bitcoin trading, we should focus on the daily closing situation and combine it with the hourly and 15-minute charts to find support and resistance. The short-term support to watch is around 64500-63500, and the key short-term support that everyone expects is around 61000-60000. In terms of trend, I am mainly bullish, and I still hold a bullish view for the latter half of October. Today's article does not provide specific operational advice; for more short-term suggestions on Bitcoin, you can reach out to Gege. I wrote this article late at night because the evening's plunge made me want to say something. There is a bit of subjectivity here; we should view the market more objectively. Everyone can just take this as a reference. See you next time!

The suggestions are for reference only. Please manage your risk when entering the market, and control your profit and stop-loss spaces accordingly. Specific strategies should be consulted in real-time.

Alright, friends, we will say goodbye until next time. I wish everyone continued success and smooth sailing in the cryptocurrency world! Today's article does not provide specific short-term trend points; more real-time suggestions will be sent internally. This concludes today's brief update. For more real-time suggestions on Bitcoin, find Gege.

Written by / I am Trader Gege, a friend willing to accompany you in your resurgence.

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