10.23 BTC/ETH after a surge and then a pullback, should we buy the dip directly or wait for a deeper drop?

CN
1 month ago

Technical Key Points Analysis:

  • BTC:

  • On the daily level, the daily structure has formed a doji, and the low point of the next day just touched the previous high of around 66500 for a rebound. This position is very important as it is the previous high and also the starting point for the accelerated rise after the breakout in mid-month. This position represents a top-bottom conversion, and whether it can break through new highs after a pullback at this position is crucial.

  • The continuous high-level fluctuations over the past two days are using time to gain space. The breakout trend still requires consolidation and energy accumulation, so everyone should manage risk and focus on short-term operations.

  • From the 4-hour perspective, after the rise, the price did not continue to rise but instead continued to push higher and then fell back. The volume is still insufficient, and it is still in a high-level adjustment phase. The support below is at the 66800-66500 range, while the resistance above is at the 67800-68000 range.

  • It is recommended to look bullish on BTC if it pulls back to the 66800-66500 range, with a stop loss at 66000 and a target of 67800-68000;

  • If it rebounds to the 67700-68000 range, look bearish, with a stop loss at 68300 and a target of 66900-66600;

  • ETH:

  • ETH has continuously closed in the red on the daily chart, with a clear high-to-low pullback, and is approaching the engulfing pattern of the previous three consecutive bullish candles. On the daily chart, strong support is at around 2520, and resistance is at 2680. From the 4-hour perspective, there is still room for decline, but there is strong support below. A drop to the support area will lead to a rebound. From the current K-line trend, the rebound will not be immediate; it will still be a high-level fluctuation adjustment, needing to attract capital to wait for a breakout. The short-term strategy is to adopt a high-sell low-buy approach;

  • It is recommended to look bullish on ETH if it pulls back to the 2570-2550 range, with a stop loss at 2520 and a target of 2650-2680;

  • If it rebounds to the 2650-2670 range, look bearish, with a stop loss at 2700 and a target of 2580-2560.

  • In summary, continue to expect high-level fluctuations and adjustments in the short term, paying attention to the reference opportunities brought by support and resistance within the channel. The overall trend remains bullish!

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