Yesterday, the big pancake fell with a bearish candle, marking the fourth consecutive trading day of decline on the daily chart, which is defined as a decline rather than a pullback, indicating a preliminary reversal in the daily chart structure. The decline is characterized by significant downward momentum and more than four consecutive bearish trading days, accompanied by doji candlestick corrections. This breaks the previous pattern of rebounding after a pullback and instead indicates a strong consolidation leading to further decline, with the lowest point reaching near 26500.

While US stocks have rebounded for three consecutive days following a sharp drop in US bond yields, BTC has not followed suit and is currently unable to hold steady above 26600.

Regarding the possibility of a rate hike by the Federal Reserve, due to the recent increase in US bond yields, many officials have stated that it has had the effect of replacing a rate hike. The Federal Reserve is expected to keep interest rates stable at the meeting on October 31 to November 1 and will not raise rates, but will retain the option to do so in December.

From a technical perspective, the breach of the support level of the previous low point indicates the end of the short-term range-bound trading, meaning the correction has been completed. After experiencing the decline over the past four trading days, it is unlikely that the subsequent market movements will replicate the sharp decline seen earlier. The short-term downtrend on the hourly chart has temporarily halted, entering a phase of adjustment. The resistance level is near 27300, and at this point, it is important not to be overly aggressive in positioning, but to pay attention to each rebound after a new low, focusing on entering positions during the rebound.

The market has fallen back, weakening the short-term structure, which is the change in structure that has been awaited since the beginning of the week. The common method for choosing the direction after consolidation is whether to continue rising or to reverse the trend. For today's short-term trading, it is advisable to take a bearish stance in line with the trend, with 26800-27000 as the resistance level. In the event of a rebound near 26800-27000, consider shorting, with a defensive position at 27400 and a target of 26600-26400.

Wait for a certain amount of space before determining the intraday range, as it is a volatile market where the trend follows the range. The key lies in grasping the range and accurately entering positions. Specific operation points should be based on real-time market conditions.

For those who are uncertain about short-term trading, unable to grasp the market, or experiencing difficulties in trading, feel free to chat with Lao Bai, who provides 24-hour online guidance!

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