October 22 Bitcoin BTC Market Trend Analysis, Spike Not Broken, Good Opportunity to Enter at Low Levels! #BTC要挑战7W大关了吗？

Morning Review: Bitcoin did not effectively break below 67100 during the spike last night, and the market continues to look bullish, we mainly aim to buy at lower levels!

From the 4H chart, we can see that last night Bitcoin spiked to around 66571, and we still need to pay attention to whether Bitcoin can attack the right shoulder of the bat formation. Currently, from the Fibonacci retracement of the small cycle, around 67100 is a strong support. I also pointed this out in my article yesterday. Therefore, my view is still bullish trend.

On the larger cycle, the daily K line has some downward probing, but there is still a lot of upward space that has not been fully suppressed. We can find some similarities in the previous cycles. If Bitcoin follows the pattern again this time, we can view it as an equidistant rise, meaning after about 210 days of adjustment, a trend change begins, and this rising cycle should also last around 200 days.

In the short term, this movement is somewhat similar to mid-September, specifically the white circle in the chart, where there are repeated fluctuations to cleanse and reset, and after the cleansing, it continues to rise!

Currently, after the spike, there has not been an effective break below the support level around 67100, so there is no need for everyone to worry. As long as it does not break below this level, I believe the current situation will not retrace to around 64300. The spike last night to 66751 just happened to be a previous high point. Yesterday, I clearly explained the concept of effective support and effective pressure in the collection "How the Retail Investor is Trained, Issue 4". Everyone can recall that, so the spike last night not breaking the previous high indicates that this position's support is effective.

Today's Strategy: We will still focus on buying at low levels today, so we will set our entry position around 67000 and place the stop loss at the effective support position of the previous high.

ETH: Today's ETH line 2600-2614