Market Review:
How are you after last night's pullback? At 1 PM, the data was released: "Main Long Positions Liquidated" nearly $397 million in total liquidations across the network in the last 24 hours, with long positions liquidated at $312 million. The current price of ETH is $4433.94, with a 24-hour drop of 5.97%. Among this, the total liquidation amount across the network in the last 24 hours is $397 million, with main long positions liquidated and ETH liquidated at $98.8 million (24.84%). Your presence is not here, right?
In terms of Bitcoin, it dropped to a low of around $120,500 before starting to rebound, currently quoted at $122,649; for Ethereum, it dropped to a low of around $4,410 before starting to rebound, currently quoted at $4,485. To be honest, today's drop was a bit beyond my expectations. Yesterday, I participated in a short long position at around $4,520 for ETH, but unfortunately, I hit my stop loss and then chose to wait for opportunities.
Market Analysis:
In yesterday's analysis, we mentioned that the market would definitely pull back here, and we also clearly stated that there is no need to panic excessively about the pullback; as long as the trend is not broken, the bulls will not perish. So today, we won't emphasize the issues with the big trend too much; remember, this round of the bull market is not over, the peak has not appeared, and just find opportunities to lay out long positions during the pullback.
Today, let's focus on the short-term market.
From the chart, the first round of pullback is relatively strong, showing a completely one-sided downward trend during the decline, only giving a rebound after this round of decline was completed. This also led to my attempted long position in ETH at around $4,520 being stopped out. However, based on the liquidation data released today, I can accept this stop loss; the upward chasing long positions are too heavy, and the only way to clean out these chasing long positions is through this kind of one-sided downward movement. As of now, Bitcoin has rebounded to around $123,300 in the evening, and ETH has rebounded to around $4,521. Some may think that this round of washing out has ended, but I have a different opinion; although the evening rebound seems fierce, it has not changed the downward trend.
Contact me for more: I am Zhang Xiaoming (public account)
Bitcoin is still in a pullback trend; there should be a rebound in the evening, but I believe that after the rebound, there will be further declines. The drop for the "Clumsy Penguin" this time will be greater than today's drop. Therefore, for short-term Bitcoin operations, I personally suggest two options: the aggressive can rely on the defense at $124,000 to layout short positions and grab some profits; as for the suitable area to layout long positions, it may be around $118,000, but whether this prediction is correct needs to be determined based on the actual market movements, so if you cannot grasp it, you can contact me: I am Zhang Xiaoming (public account).
Bitcoin Operation Suggestions:
Long at $123,600, stop loss at $124,100, currently looking at below $12,000.
Long position entry pending.
The trend of Ethereum does not need much explanation; it lags behind Bitcoin, but the upward trend that emerged on September 28 has been broken in today's decline. The evening also confirmed whether this break is valid, so after some consolidation, it is likely to pull back again. As for the bottom of the pullback, I expect it may appear around $4,150, so if you choose to trade Ethereum in the short term, the operational thought is basically consistent with Bitcoin: conservatively wait for the signal of the pullback to the bottom to appear, and aggressively, you can try short positions relying on a stop loss at $4,550.
Operation Suggestions:
Enter short positions in the range of $4,490--$4,530, with the stop loss at $4,550, targeting first at $4,250;
Long position entry pending.
Author's Note:
Still the same saying, there is no absolute right or wrong in trading; analysis is a pre-judgment. The key is to find real-time opportunities based on market changes. Everyone's viewpoint cannot be consistent; if you have your own judgment, please trust it. If you choose to follow someone, then follow through to the end. Personal suggestions are for reference only.
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