Jiang Xin's Discussion on the Tangle: Bitcoin Market Forecast After October 29

CN
4 hours ago

Good evening everyone, I am Jiang Xin. Yesterday's market outlook was quite on point. The short position for Bitcoin at 115200 was perfectly timed, and the short position for Ethereum at 4180 and the additional position at 4225 were also well executed.

Let's briefly review. The divergence yesterday was around 115000. At nine o'clock in the evening, there was resistance here, but the indicators did not form a golden cross, and the next hourly candlestick engulfed this level. After three small bullish candles failed to counter, there were seven consecutive bearish candles, and Bitcoin was pushed down to around 113800. After a small rebound, the morning session fluctuated around 114000, with the MACD indicator nearing the zero line. The entire daytime session operated below the lower Bollinger Band on the hourly chart, currently approaching the middle band, with Bitcoin still trading between the hourly MA30 and MA60.

Compared to Bitcoin, Ethereum's movement has been relatively aggressive, with a structure similar to Bitcoin, but the bears have gained some strength, and the selling pressure is clearly stronger than the buying pressure. Last night, after the rebound to 4225, the short position added, the price dropped to around 4080 by four in the morning, rebounded in the morning, and then dropped again at two in the afternoon. After hitting the low, it rebounded somewhat with Bitcoin's rhythm, but it has been running below the hourly Bollinger Band and has repeatedly faced pressure without touching the middle band. The daytime performance has been weak, and we need to observe the evening session for a while.

For the future market, we will continue with yesterday's outlook. For Bitcoin, we will first focus on the operation around 114200, paying attention to the divergence points at 113600, 115200, and 115800. For Ethereum, we will focus on the operation around 4120, paying attention to the divergence points at 4080, 4180, and 4220. Since Bitcoin has not explored deeply below, Ethereum is also hesitating around 4080. We can still expect some fluctuations. The evening session is likely to rebound a bit before dropping again, and it will likely hit a low. It is still advisable to handle cautiously. For Bitcoin, we can short at 115200-115500, add at 116500, and set a stop loss at 117200. For Ethereum, short at 4175, add at 4215, and set a stop loss at 4250. The initial target is 113600, then 112800 for Bitcoin, while for Ethereum, the initial target is 4075, and if it breaks, look at 4035.

If there is a rebound, go long at 113200, add at 112500, and set a stop at 111450 for Bitcoin; for Ethereum, go long at 4050 and set a stop at 4018.

Look at how unusual Solana's performance is; the drop is not deep, and the rebound is strong, which is different from the mainstream, indicating some divergence in the crypto market, so we need to be conservative.

The short positions given yesterday performed well, providing decent space within the day, and we have not exited yet, leaving some base positions. The rebound suggestions given to the opponents, although they can only capture a little space, are not detrimental, and this is the benefit of being conservative.

The market is aggressive; we can consider working together with the skilled: Jiang Xin on Chan.

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