Cryptocurrency trading is a long-term plan, not something that can be achieved overnight, so one should not be overly anxious. Even if there are short-term losses, there is nothing to fear. As long as the subsequent direction is chosen correctly, what has been lost will eventually return. However, it is important to grasp the timing of trades and the current market trends to increase the probability of success. At the same time, investing is also a process of growth. Mr. Coin advises all cryptocurrency friends to learn while trading, summarizing both gains and losses in a timely manner, deepening their understanding of risks, and planning the correct mindset. This way, risks can be reasonably avoided, and one can become a qualified investor.

Mr. Coin's Cryptocurrency Market Analysis Reference for Bitcoin (BTC) on 10.16

Yesterday, Bitcoin continued to rise, breaking through the previous high of 66,500, reaching a high of around 67,950 before facing resistance and pulling back. Although it quickly retraced to around 64,800 in the evening and attempted to rally again, unfortunately, it did not stabilize above 67,000, and the market has entered a high-level consolidation phase. Today, the price is in a wide-ranging fluctuation rhythm, currently operating around the 66,800 area.

From the daily chart perspective, the trend has seen two consecutive days of bullish closes, with strong bullish sentiment during the day. Although the upward momentum is not strong, the market maintains a high-level consolidation, and the trend is in a state of oscillation and accumulation, with support slowly moving upward. As long as the intraday pullback does not fall below the 64,500-65,000 range, the market is likely to continue rising.

On the short-term hourly chart, the Bollinger Bands are opening, with the market fluctuating near the upper band. The market is currently in a high-level consolidation, and it is expected that there will not be significant changes in the intraday pattern in the short term. Focus on the stabilization situation, and try to trade long in the direction of the trend. The upper resistance is around 68,000, while the lower support is sequentially at 64,500-65,000. The strategy remains to buy on pullbacks, and if the price breaks out, consider light positions to chase long.

Short-term Reference for Bitcoin on 10.16:

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Long position: Buy in the 64,500-65,000 range, with a stop loss at 63,500 and a target above 66,000.

Long position 2: Light position buy near 65,500 on pullback, target above 66,000.

Short position: Light position sell in the 70,000-69,600 range, target below 69,000, with a stop loss at 71,600.

Short-term Reference for Ethereum on 10.16:

Short position: Sell in the 2,761-2,800 range, with a stop loss at 2,930 and a target below 2,700.

Long position: Focus on the 2,540-2,580 range, with a stop loss of 50 points and a target above 2,630.

The article may have delays in sending, and the strategy suggestions are for reference only. The market changes rapidly, and regardless of how confident you are in your market judgment, always set take-profit and stop-loss levels to secure your gains.

For more real-time trades, you can follow my public account for online technical learning, exit strategies, etc. I have researched the market for many years, studying the major trends in the cryptocurrency space, and have studied extensively in the U.S. focusing on analyzing and guiding BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other cryptocurrencies. I welcome all cryptocurrency friends who are unsure about trading to study and learn together.

This article is exclusively shared by Mr. Coin and represents his unique perspective. There may be delays in sending the article, and risks are borne by the reader. Manage your positions reasonably, and avoid heavy or full positions. Mr. Coin wishes all fans to achieve financial freedom, to move forward together, and to keep striving. In the depths of time, hold onto understanding. In investing, one must learn to be optimistic. Do not let your future self dislike your present self. We live authentically, but not every data revelation needs to be taken too seriously. Let the past be the past, and let the future come quickly! Take good care of yourself, prepare well, and be ready to set off at any time. Keep it up!

—— This article is written by Mr. Coin, and we refuse to plagiarize and respect originality!

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