Cryptocurrency trading is a long-term plan, not something that can be achieved overnight, so one should not be overly anxious. Even if there are short-term losses, there is nothing to fear. As long as the subsequent direction is chosen correctly, what has been lost will eventually return. However, it is important to grasp the timing of trades and the current market trends to improve the win rate. At the same time, investing is also a process of growth. Mr. Coin advises all cryptocurrency friends to learn while trading, summarizing both profits and losses in a timely manner, deepening the understanding of risks, and planning the correct mindset. This way, risks can be reasonably avoided, and one can become a qualified investor.
10.31 Bitcoin (BTC) Market Analysis Reference
Bitcoin continues its downward trend during the day, with a drop of over 5000 points, and the market has fallen below the 110,000 mark, continuing to move downward. The current price is around 107,000, and the overall market is weak. The strategy remains focused on short positions during rebounds. If it falls below the 106,600 line again, consider lightly entering short positions. The overall correction of Bitcoin has not yet ended, so for those looking to hold long positions for the long term, it is still recommended to wait and see for now.
Looking at the short-term hourly chart, the Bollinger Bands are opening downward. After multiple attempts to break through without success, the short-term is currently in a low-level consolidation, with the overall market still leaning towards a downward trend. There is selling pressure around the 109,000 line above, and if it touches this level again, there is still a risk of falling back under pressure. Please prepare in advance. The upper resistance to watch is around 109,000, and the lower support is around 105,500.
10.31 Bitcoin Short-term Reference:
Short entry point 109,500-108,500, stop loss at 110,800, take profit target below 107,500.
Long entry point 105,500-104,500, stop loss at 500, defend at 102,000, take profit target above 106,300.
There may be delays in article posting, and strategy suggestions are for reference only. The market changes rapidly, and regardless of how confident you are in market judgments, always set take profit and stop loss levels. For more real-time trading strategies, online technical learning, and exit strategies, you can follow the mentor's public account (Mr. Coin) for access. The first ten daily followers can receive free exit strategies.
For more real-time trades, you can follow my public account for online market technical learning, exit strategies, etc. I have researched the market for many years, studying the major trends in the cryptocurrency space, and have studied extensively in the U.S. focusing on analyzing BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other coins. For those who are unsure about trading, you are welcome to study and learn together.
Exclusive views, there may be delays in article posting, risks are self-borne, manage your positions reasonably, and avoid heavy or full positions. Mr. Coin wishes all fans to achieve financial freedom, move forward together, and keep pushing. In the depths of time, hold onto understanding. In investing, one must learn to be optimistic. Do not let your future self dislike your present self. We live authentically, but not every data revelation needs to be taken too seriously. Let the past be the past, and let the future come quickly! Take good care of yourself, prepare well, and be ready to set off at any time. Let's go!
—— This article is written by Mr. Coin from the cryptocurrency community, no plagiarism, respect originality!
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