According to Cointelegraph, amid a sluggish altcoin market, Bitcoin's market share has reached its highest level since April 2021 as cryptocurrency prices continue to rise. TradingView data shows that Bitcoin's dominance hit a three-and-a-half-year high of 58.77% early this morning, while the price of Bitcoin also reached a new high in ten weeks.
Chu Yuechen: Bitcoin and ETH Market Analysis and Trading Reference for October 17
The fluctuations of Bitcoin have been very intense in the past two days, continuously setting new highs on the daily chart. As of yesterday, the peak was around 68,450, and today there has been a slight pullback, with the current price fluctuating around 66,800.
Looking at the daily chart, the historical high in March was around 73,700, the high in June was around 72,000, and the high in July was around 70,000. In summary, when Bitcoin's price rises above 70,000, there tends to be profit-taking behavior from low-position long positions, leading to a temporary price pullback.
Recently, the daily chart shows a clear bullish trend. The support level for the daily top-bottom conversion is around 66,500. The trendline resistance since the historical high has also broken upward, so our strategy remains bullish in the long term, targeting above 70,000.
For short-term contracts, a long position can be taken at the current price of around 66,800, with a stop loss at 66,000 and a target of 68,000. The medium to long-term target is above 70,000.
For ETH, the upper pressure remains at 2,720 and 2,820. Our long-term target for bulls is also at this position. For intraday contracts, a long position can be taken at the current price of around 2,590, with a stop loss at 2,540 and a take profit at 2,650. The medium-term target is 2,720—2,820.
Specific Operation Suggestions (Based on Actual Market Prices)
Long position for Bitcoin at the current price of around 66,800, with a stop loss at 66,000 and a take profit at 68,000. Medium to long-term target above 70,000.
Long position for ETH at the current price of around 2,590, with a stop loss at 2,540 and a take profit at 2,650. Medium-term target 2,720—2,820.
Before the market moves, any analysis can be correct and has its reasons, but no single trade will be absolutely accurate, and there are risks involved. Therefore, the premise for making money is to manage risk well. The market changes in real-time, and the strategy points are for reference only and should not be used as the basis for entry. Investment carries risks, and profits and losses are self-responsible.
Many individual investors find it difficult to enter the trading door, often simply due to the lack of a guide. The questions you ponder may be easily resolved with a prompt from an experienced person. Daily real-time market analysis, along with guidance from experience-sharing groups, and evening practical guidance groups are available. Feel free to get real-time guidance. Evening live broadcasts explaining real-time market conditions will be held irregularly.
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