Zhou Yanling: Focus on Non-Farm Data on 10.28 - This Week's Cryptocurrency Market Trend Prediction and Trading Strategy
I have been on vacation for the past few days, so I haven't updated my articles. Today, I'm officially back to work, so please stop urging me; the strategy is coming soon!
Looking back, the recent fluctuations have been relatively stable, with no particularly extreme market conditions. Essentially, the market has been moving within a range. Regarding the current cryptocurrency market, I have previously mentioned that we maintain a long-term bullish outlook on cryptocurrency prices. Whether you believe it or not is another matter; it actually has nothing to do with the established operating rules of the market. The market's direction cannot be changed by personal subjectivity. What we can do is correctly identify trends and directions, enter the market at the right time, and then be rationally greedy.
Currently, after the recent two pullbacks stabilized at the key point of 65,000, the hourly chart has once again formed a bottoming pattern. Therefore, in line with the mid-term bullish direction on the daily chart, I believe that a new wave of bullish opportunities is approaching. Note that I am referring to a wave of bullishness, not short-term trading. Unlike some who are starting to chase the top, I cannot agree with that! To achieve good profits from bullish operations, we still need to wait for the right timing during pullbacks. As for the logic behind my bullish outlook, I have repeatedly mentioned several factors that drive cryptocurrency prices up: first, as a safe-haven asset during geopolitical crises; second, as a hedge against inflation during economic recessions; third, the favorable hype surrounding the U.S. elections; and fourth, its commodity properties as a non-renewable resource. Looking globally, all four points are applicable. This is the reason for the long-term bullish outlook on cryptocurrency prices.
This week is a non-farm week, and it is expected that the market will continue to fluctuate mainly on Monday and Tuesday, with significant movements occurring from Wednesday to Friday evening. Based on the current market, it can be observed that cryptocurrency prices have been maintaining a range between 65,000 and 69,000. Therefore, we will continue to operate within this range over the next two days. The daily MACD indicator shows a golden cross with high-level fluctuations, while the stochastic indicator is in the overbought region; the daily indicators represent high-level price fluctuations. This week, we mainly focus on the support of the moving averages MA5 and MA10, corresponding to the levels of 66,500 and 65,000, respectively. On the high side, we pay attention to the resistance at the peaks of 69,000 and 70,000.
On the 4-hour chart, the short-term moving averages are entangled around the midline, indicating price fluctuations. The upper and lower range is around 67,000 to 68,500, and as time progresses, this range will continue to compress. The 4-hour MACD currently shows a second death cross opening, while the stochastic indicator is turning down for correction. In the short term, the trend remains weak and fluctuating. The Asian and European sessions are likely to continue with pullback adjustments, so we should first look for a pullback before the U.S. session. In the evening, we can look for a rebound to go long. The main support in the short term is near the lower band and the moving average MA60; as long as it does not break, we can appropriately set up long positions.
10.28 Bitcoin Trading Strategy:
Short at 68,500-68,000, stop loss above 69,000, target 67,100-66,600
Long at 66,500-67,000, stop loss below 66,000, target 67,700-68,200
10.28 Ethereum Trading Strategy:
Short at 2,520-2,490, stop loss above 2,560, target around 2,430, continue to look for a breakdown towards around 2,380
Long at 2,405-2,435, stop loss below 2,370, target 2,490-2,530
[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 contract/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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