Is the next opportunity to enter the Bitcoin market coming soon? If you are interested in this question, please continue reading with Mu Mu.
It is now 2:00 p.m. on October 10. Let's start with the daily chart. It has been a long time since we used the wave theory to analyze the current market.
Now the highest point is at 27697. It is really hard to judge the highest point now, but I think it will be around 29000 to 28600. In fact, I think we have already become a short-selling advantage, otherwise we would not have fallen five waves when we fell.
Usually, the first rebound after a decline will reach a relatively high level of 0.618. If it is in the middle or late stage of a decline, the rebound will not be so high. Only at the beginning, especially at the beginning of the short position, will it rebound to a relatively high position. If you want to catch a relatively tight entry price for short selling, I think 29,000 is of course the best. Otherwise, we may have to take a risk and reduce our position.
Mu Mu believes that we are testing the position of around 27230. If it falls below, the top structure has already taken shape. You can find that if we fall below, we will form a very perfect double top. If it falls below, I personally think it is a double trading opportunity. In fact, if I want to short Ethereum, I will definitely put all my positions on Ethereum or I will say that the position of Ethereum will be relatively heavy, because you can see that since our rebound, we have risen from the lowest point of around 24800 to the current 27400. How far does it have? It still has about 10% distance, but you can find that after Ethereum fell back, it has been very close to the previous low, which means that our rebound and rise have all been eaten up, and it has also been relatively weak during this period. So if I want to short, I will personally focus on Ethereum.
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