10.22 Bitcoin/Ethereum Rapid Decline Followed by Narrow Fluctuations: How to Operate Next
Bitcoin started a rapid decline after peaking at around 69500 yesterday, subsequently breaking below the 68000 to 68500 level, reaching a low near 66600. The long positions we set up late last night at the 66500 to 66800 range were timely closed for profit when the price surged by a thousand points during the day session. Previous writings are also available for reference. Currently, after breaking below the peak-to-trough conversion level, there are signs that the trend is shifting from strong to weak. We still need to focus on the important resistance at 68500, to see if it can rise again with volume. If it faces pressure, it will form a second peak, creating a double top pattern.
However, during the short-term decline, the market has reached former four-hour support levels multiple times, and as long as it does not break these levels effectively, we can continue to take advantage of high selling and low buying in the short term. On the hourly chart, preliminary support is forming, and after a dip, a rebound is expected. Bitcoin and Ethereum need to focus on the support levels below 2600 and 66500, while for the upper resistance, keep an eye on 2700 and nearby 68500. Currently, the market pace is quick, so we need to prioritize swing trading.
For evening operations, enter long positions for Bitcoin near 66600 to 66900, targeting around 68000; enter long positions for Ethereum near 2600 to 2620, targeting around 2680. The posts are effective; specific guidance will be based on real-time updates. $BTC