The U.S. Securities and Exchange Commission (SEC) has approved options trading for multiple Bitcoin spot ETFs, and analysts expect this will increase market volatility for Bitcoin.
According to data from the blockchain explorer Mempool, Bitcoin mining difficulty has increased by 3.94%, reaching a record high of 95.67 T. The difficulty adjustment occurred at block height 866880 (around 2 AM Beijing time on August 23).
According to The Block's data dashboard, the seven-day moving average of Bitcoin's total network hash rate has also set a new historical high of 723.6 EH/s, marking the first time it has surpassed 700 EH/s.
Chu Yuechen: Bitcoin and ETH Market Analysis and Trading Reference for October 23
Yesterday, we provided a long position for Bitcoin in the range of 66500—66800, giving two points to enter long, and successfully exited between 67500—68000. Both long positions yielded around 1000 points in profit. If you were able to follow along, these two short-term trades were quite rewarding.
Since this morning, Bitcoin has been in a slow decline around the 67800 mark, currently fluctuating near the low point of 66200. The daily chart has already broken below the trend support line near 66500. It depends on today's daily closing situation; if it closes below 66000, it is likely to go lower, with support at 64500—65000.
At the current level of 66200, we should still attempt to enter a long position, with a stop loss of 500 points and a target near 67800. This means we are risking 500 points to gain 1600 points in profit.
ETH is similar; currently, we can enter a long position near 2560, with a stop loss at 2500 and a target of 2650.
As discussed yesterday, if Bitcoin cannot hold above 68000, it will continue to oscillate. Today, it seems this oscillation range may widen, and our previous medium to long-term target above 70000 or even a new high will not be achieved in the short term. When trading intraday contracts, treat it as a range-bound market. As mentioned earlier, if today’s close is below 66000, we may consider adding a short position, with potential support at 65000—64500. If the close is above 66800, we will continue to look for long positions. In summary, when trading contracts, do not be dogmatic; be flexible and avoid being stubborn.
Specific Operation Suggestions (based on actual market prices)
Attempt to enter a long position near the current price of Bitcoin at 66200, with a stop loss at 65700 and a target of 67800.
For ETH, enter a long position near the current price of 2560, with a stop loss at 2500 and a target of 2650.
Before the market moves, any analysis can be correct and has its reasons, but no single trade will be absolutely accurate and all carry risks. Therefore, the premise for gains must be proper risk management. The market changes in real-time, and strategy points are for reference only and should not be used as entry criteria. Investment carries risks, and profits and losses are the investor's responsibility.
Many individual investors find it difficult to enter the trading world, often simply due to the lack of a guide. The questions you ponder may be easily resolved with a tip from an experienced person. Daily real-time market analysis, along with experience-sharing groups and practical trading groups, welcome to receive real-time guidance. Irregular evening live broadcasts explaining real-time market conditions.
For more real-time market analysis, please follow the public account: Chu Yuechen
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