Zhou Yanling: Why Did Bitcoin Plummet on October 8? Latest BTC ETH Trend Predictions and Trading Strategies Today
Last night’s sudden drop was truly remarkable. Just when everyone was holding long positions, preparing to break historical highs, the market unexpectedly experienced a waterfall decline during the U.S. trading session. This rapid shift from a short squeeze to a long liquidation has put Yanling in a wait-and-see mode, hesitant to take action. In the short term, the market will definitely undergo a period of consolidation, but what seems like calm on the surface is actually a time when both bulls and bears are holding back; no one dares to recklessly increase leverage. Energy is quietly building up at this moment. Historical experience shows that whenever retail investors are eager to catch the bottom, it often indicates that the decline is not yet over. Currently, the scale of short positions is not enough to trigger a short squeeze, and market sentiment has clearly turned cold, but the level of panic has not yet reached a point of total capitulation.
From a technical perspective, the daily chart for Bitcoin shows that a large bearish candle was formed yesterday, indicating a clear downtrend in the short term. Although today has shown a small bullish candle, the rebound strength is weak. The hourly chart has been highly volatile recently, with multiple long upper and lower shadows, indicating significant market divergence and fluctuation. The MACD on the hourly chart is in the negative zone, with both DIF and DEA below the zero line, and the histogram alternating between red and green, suggesting that bears are dominant in the short term but weakening. The RSI on the hourly chart hovers around 42, not entering the overbought or oversold zones, indicating that the market is still in a consolidation phase. EMA7 < EMA30 < EMA120, with the short-term moving averages crossing below the mid- to long-term moving averages, confirming a short-term downtrend; the price is currently close to EMA7, which may act as a resistance level. For intraday operations, it is advisable to take a cautious short position.
Zhou Yanling's October 8 Bitcoin Trading Strategy:
Short at 123500-122700, stop loss above 124500, target 120600-119600, continue to look for a decline towards around 118500.
Long at 119100-120000, stop loss below 118000, target 121500-122300.
Zhou Yanling's October 8 Ethereum Trading Strategy:
Short at 4540-4490, stop loss above 4600, target 4360-4300.
Long at 4290-4335, stop loss below 4240, target 4400-4450.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
This article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years, currently focusing on analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. With a solid theoretical foundation and practical experience, he excels in combining technical and news-based operations, emphasizing capital management and risk control. His trading style is steady and decisive, recognized by many investors for his easygoing yet responsible character and sharp, decisive operations.
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