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 losses in the short term, 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 improve 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 profits and losses in a timely manner to deepen their understanding of risks and to plan the correct mindset. This way, risks can be reasonably avoided, and one can become a qualified investor.
10.16 Bitcoin (BTC) Market Analysis Reference
Bitcoin rebounded yesterday and retraced around 113,500. The bullish sentiment gradually weakened, and it rebounded around the 110,000 mark. As of the time of writing, the current price is around 111,300, with both bulls and bears starting to push up again. The focus going forward is on the short-term resistance at the 113,000 level.
From the daily chart, the trend has closed with two consecutive bearish candles, and the bearish sentiment is gradually intensifying. The market is once again under pressure and retracing, with prices continuously testing downward. In recent days, there have been multiple tests of the support at the 110,000 mark, coupled with short-term resistance near the five-day moving average. If the market cannot break through the secondary resistance area today, it may continue to retrace and test support. The attached MACD and Stoch indicators continue to maintain parallel positions, while the RSI shows a slight downward trend, indicating a fluctuating downward movement. Therefore, it is not recommended to blindly chase after price increases today.
On the short-term hourly chart, the Bollinger Bands are opening downward, and the market is retracing in the middle-lower band area. Although there has been a rebound of over a thousand points near the 110,000 mark, the upper middle band resistance is continuously moving down. If the market cannot sustain the rebound and break through, there is a possibility of another pullback to test support. Mr. Coin advises all cryptocurrency friends to prepare in advance. Operate with light positions, high shorts, and low longs.
10.16 Bitcoin Short-term Reference:
Short entry point 112,800-113,800 for shorts, stop loss at 116,800, target below 111,800.
Long entry point 109,500-110,500 for longs, stop loss at 500, defend at 107,000, target above 111,800.
There may be delays in article publication; strategy suggestions are for reference only. The market changes rapidly, and regardless of how confident one is in market judgment, it is essential to manage take-profit and stop-loss levels properly. For more real-time trading strategies and online technical learning, follow the mentor's public account (Mr. Coin in the cryptocurrency circle) for ways to add: the first ten each day can receive free strategies for resolving positions.
For more real-time trades, you can follow my public account for online technical learning, resolving positions, etc. I have researched the market for many years, studying the major trends in the cryptocurrency circle, and have studied extensively in the U.S. focusing on analyzing BTC, ETH, DOT, LTC, FIL, EOS, BCH, ETC, and other coins. For those who are not familiar with trading, you are welcome to study and learn together.
Exclusive views, there may be delays in article publication, risks are self-borne, manage positions reasonably, and avoid 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 lightly. 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, sharpen your skills, and be ready to set off at any time. Let's go!
—— This article is written by Mr. Coin in the cryptocurrency circle, no plagiarism, respect originality!
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