Cryptocurrency trading is a long-term plan, not something that can be achieved overnight, so one should not be too hasty. 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 increase 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 gains 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.
10.17 Bitcoin (BTC) Market Analysis Reference
Yesterday, Bitcoin's market recovered and moved upward, with prices breaking out for a slight increase. However, subsequent attempts to break through the 110,000 resistance level failed multiple times, leading to a strong pullback today. The intraday gains were quickly erased, with prices touching the 105,000 level. Today, bullish sentiment is weak, and the pullback continues, with the rebound strength diminishing again. If there is no strong rebound in the short term, prices may test the previous low of 101,500.
On the daily chart, the trend has ended with four consecutive bearish candles. Yesterday's recovery also failed to stabilize, and the subsequent rebound has started to lose momentum. The downward trend that was temporarily halted yesterday has erupted again. Currently, the high near 116,000 has a long upper shadow, indicating that the resistance remains strong. Therefore, it is not advisable to blindly chase after rising prices; caution is needed to prevent prices from falling again.
On the short-term hourly chart, although there was a series of upward movements early in the morning, the market has not stabilized. After facing pressure again, prices have continued to decline. The current situation has entered a pattern of slow rises and fast falls, with bears holding the overall advantage. The five-day and ten-day moving averages have formed a death cross, creating a line of resistance. If this cannot be broken in the short term, there is a possibility of further price declines. I hope everyone is prepared in advance. Bitcoin is entering a phase of oscillating downward, and the intraday trading strategy suggests focusing on short positions during rebounds, with long positions as a supplement.
10.17 Bitcoin Short-term Reference:
Short position entry point 112800-113800, stop loss at 116800, take profit target below 111800.
Long position entry point 109500-110500, stop loss at 500, defend at 107000, take profit target above 111800.
There may be delays in article posting, and the strategy suggestions are for reference only. The market changes rapidly, and regardless of how confident one is in market judgments, it is essential to manage take profits and stop losses properly. 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 people each day can receive free exit strategies.
For more real-time trades, you can follow my public account for online 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 and guiding BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other cryptocurrencies. For those who are unsure about trading, I welcome you to study and learn together.
Exclusive views, there may be delays in article posting, risks are self-borne, and it is important to manage positions reasonably. Do not operate with heavy or full positions. Mr. Coin wishes all fans to achieve financial freedom, to move forward together, and to 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 allowed, respect originality!
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