Last night, the market was exceptionally intense. After a rapid rise to around 68,000, it quickly plummeted to 64,800 before rebounding. Both bulls and bears faced significant losses, with a massive liquidation of 2 billion in 24 hours. Currently, it has returned to around 67,000. In the evening, I also reminded that the 4-hour volume was huge, and I personally lean towards the "Buddha's finger pointing the way." Previously, when there was such a large volume, it also dipped to 52,550. Of course, this kind of volume also indicates that the upward space in the future is limited, which is one of the signals of short-term overextension. Our expected height is also around 70,000.
The situation between the strongest 80s and South Korea is about to ignite. Regardless of whether a conflict occurs, it will stimulate risk-averse sentiment to crazily purchase crypto. Young people in South Korea are "ALL IN" on cryptocurrencies. In 2021, the trading volume of top cryptocurrency exchanges in South Korea even surpassed that of the stock market. Moreover, the policy aspect has undergone strict regulatory changes that have turned favorable for the crypto industry, with the capital gains tax threshold raised from 2.5 million won to 50 million won.
Canary submitted a Litecoin ETF application to the SEC. On October 9, Canary Capital submitted an ETF application for spot XRP to the SEC. As of now, besides Bitcoin and Ethereum, which have already passed ETF approvals, the Brazilian Securities Commission has also approved the issuance of a second Solana ETF. Although the SEC rejected Cboe's application for a Solana spot ETF 19b-4, the trend cannot be changed. This round of the bull market is an institutional bull market and also an ETF bull market. BTC, ETH, SOL, XRP, LTC, etc., will have more applications or implementations.
Bitcoin surged to 67,950 last night before quickly diving to 64,800, losing 3,100 points in just over an hour, and then rebounded to 67,390, with both bulls and bears exploding. The 4-hour volume was huge.
What we need to pay attention to now is whether the spike at 68,000 is the "Buddha's finger pointing the way" or a real sell-off. The defensive support is that it must not fall below 64,800; if it does, we need to reduce our positions. At the same time, the daily line has reached the upper resistance of the rising flag pattern, and fluctuations will be relatively large. Previously, it has touched this area multiple times, forming a head-and-shoulders pattern before breaking down and correcting. This time, we also need to guard against not effectively breaking below 64,800, while still expecting the bearish deep-sea crab to point towards 70,000.
Support: Resistance:
Ethereum
Ethereum spiked to 2,688 last night, also touching the upper edge of a converging triangle, and it is an irregular head-and-shoulders bottom pattern. The MACD has been consistently above water, and the volume in the 4-hour chart is larger than in the previous period. We need to closely monitor whether the triangle's upper edge can break through.
Regarding altcoins, although the volatility will be relatively large, we should also start to gradually position for the medium to long term to respond to the potential opportunity for Bitcoin to break through 74,000. Support: Resistance:
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu
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