Zhou Yanling: Can Bitcoin Bulls Break Through 70,000 on October 16? Ethereum Follows Suit with a Pullback
The recent rise in coin prices is well understood by everyone, but no one can find a reason for it. If you try to go against it, you will only hurt yourself. This wave of increase has already had two levels: one at 62,500 and the other at 65,300. Interestingly, the price has not formed any resistance; instead, there was a rapid surge and drop last night, washing out positions. For today’s market to reverse, it must break below 65,000; only then is there a possibility of returning to the previous downtrend channel. Otherwise, all short positions will be in vain.
From a technical perspective, yesterday's daily line closed above the middle band of the Bollinger Bands, which is a typical continuation bullish pattern. This wave has been strong since the beginning of the week, and the continuation of the upward space may reach the upper band of the Bollinger Bands and the previous high near 70,000. Therefore, the daily cycle is expected to have another wave of upward space today. However, the performance on the 4-hour cycle is somewhat unusual; although it is temporarily strong, the Bollinger Bands have already narrowed, and the range is quite clear. The short-term resistance point above to watch is the strength around 68,500, while the support points below are 66,000 and 65,300. If today cannot continue to rise significantly, based on this performance, there may be another large rapid pullback. Therefore, Yanling wants to emphasize that although the outlook remains bullish today, caution is advised. It is recommended to observe the strength changes during the Asian and European sessions. If the Asian and European sessions do not break 68,500, one can consider shorting. If the Asian and European sessions break 68,500, one can follow the trend to see 69,500 and the 70,000 level.
October 16 Bitcoin Trading Strategy:
Buy at 65,600-66,100, stop loss below 65,000, target 67,800-68,300, continue to look for a breakout towards 69,500.
Sell at 68,500-68,000, stop loss above 69,000, target 66,500-66,000.
October 16 Ethereum Trading Strategy:
Buy at 2,560-2,590, stop loss below 2,520, target 2,690-2,720, continue to look for a breakout towards 2,800.
Sell at 2,720-2,680, stop loss above 2,750, target 2,600-2,570.
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.]
This article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. For more real-time community guidance, consultation on position liquidation, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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