On Thursday, October 9, Bitcoin continues to show a fluctuating pattern, with a battle between bulls and bears. Who will come out on top?

CN
2 hours ago

The price of Bitcoin has been fluctuating this week, like a startled deer, hitting deep feelings. For such a trend, seizing it means back and forth between bulls and bears; if mishandled, it results in getting hit from both sides. Which kind are you?

Looking at the four-hour technical chart, the K-line surged high yesterday without breaking the 80,000 mark, and the overnight price continued to decline in the early session. It has now retreated to yesterday's low, forming a double-bottom pattern, indicating that this position might see a small rebound. However, structurally, it still appears to be in a weak phase, so today we need to watch whether this position breaks down or touches the bottom and rebounds. If it breaks down, the price will test the previous level of 76, as marked on the technical chart.

Currently, in the overall market, we should not focus on any big single-sided trend. It is better to maintain a wave and medium-term approach; otherwise, in a correct market, failing to escape in time might lead to losses. Additionally, human nature can only accept the joy of gaining results but cannot bear the pain of failure, leading to an unstable mindset. Without further ado, if the price falls again, it is still about buying at the bottom.

It is recommended to buy in batches around the bottom area of 77,800-77,500, aiming for a break at 78,800 and looking at the 79,600 mark, with these points for reference only.

Follow the Feishu account, for how to alleviate worries, only Jiang Wei can do it. An analysis blogger with high emotional value, sharing trading education for free, bringing stability and clear guidance in a chaotic trading market, navigating through three rounds of bull and bear markets and years of trading experience. Proficient in naked K charts, trends, Dow theory, Gann theory, Harmonics, Chande theory, wave theory, and other technical analyses, culminating in unique personal insights.

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