Preface: Investment involves risks, and operations should be conducted with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!
Article writing time: Beijing time, October 11, 10:23
Market Information
- Yi Lihua: The market decline is based on data analysis, with no insider information;
- The cryptocurrency market is experiencing a black swan event, with most altcoins dropping over 80%;
- U.S. stock market cryptocurrency concept stocks are generally down;
- The Trump administration has initiated large-scale federal employee layoffs;
- Federal Reserve official Musalem is open to interest rate cuts;
- Trump's tariff threats against China have caused Bitcoin prices to fall below $119,000;
Market Review
During the National Day holiday, Bitcoin continued to rise and reached a new high, peaking at 126,173. Last night, the market crashed, with the lowest point dropping to 101,482, a decline of 20,000 points. Ethereum also surged during the holiday, peaking at 4,754, but fell to a low of 3,400 last night, dropping nearly 1,000 points, with the altcoin market experiencing widespread declines.
Market Analysis
Bitcoin
Last night's crash was somewhat unexpected. Before the decline, the market was leaning towards bullish, with long positions far exceeding short positions. This drop undoubtedly aimed to liquidate long positions. It has been a long time since such a crash occurred in the crypto space; many of us old investors have almost forgotten about the existence of crashes. The entire market was liquidated overnight, and the altcoin market was particularly brutal, with declines exceeding 80%. In the past, events like 3.12 and 5.19 only saw declines of 50-70%. Today can also be considered a memorial day, October 11. Here, I remind everyone again, whether in spot or contracts, be sure to manage risk to prevent unexpected situations that could lead to losses.
Returning to the market, this decline was not significantly influenced by news; it is more likely due to on-chain liquidations. Such liquidations can affect even seasoned investors, especially those trading altcoins. Currently, Bitcoin has broken below the short-term low of 107,210 on the daily chart, and the short-term candlestick shows a lower shadow. With this kind of movement, the bullish momentum is not as strong. There is a high chance the market will test the 107,210 level again. In terms of trading, we should first look for short positions. If it breaks below 107,210, further declines will follow. I recommend entering short around 114,000, targeting near 107,000, with a stop-loss at 116,000. Please manage your entry opportunities; for short-term trading, control risks and manage your own profits and losses.
Ethereum
From the chart, Ethereum's rebound during the holiday did not break the previous high, let alone the historical high. This decline has broken the short-term low of 3,822 and closed below, indicating an effective breakdown. The chances of further declines in Ethereum are greater. In trading, maintain a bearish outlook. I recommend entering short around 4,000, which can be synchronized with Bitcoin's entry. A stop-loss is suggested around 4,100, targeting near 3,600. Please manage your entry opportunities; there is still a bit of space above for short-term trading, so if you want to catch it, you can try. Please manage your own risks and profits.
In summary:
The market is undergoing large-scale liquidations; maintain rational trading in the future.
The article is time-sensitive; be aware of risks. The above is only personal advice and for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
In the crypto space, some people's demands can only be met by scammers. Everything cheap must be taken advantage of by oneself, and only scammers can satisfy these.
Trading is not always smooth; not every trade goes as planned. That is just noise in the pursuit of profit. Compared to seeking breakthroughs in technology, I focus more on psychological development. Most people do not fail against others but against the self that confines them in a room. Even if life or trading is unsatisfactory, believe that there is light in the world and love among people. Even the smallest happiness in life should be embraced with a smile. Only by overcoming oneself can the future market bring unexpected surprises! Keep going, crypto community.
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