Bitcoin is currently around 68,300. The overall market trended upwards yesterday, and the long positions we suggested in the areas of 66 and below over the past few days have gained significantly. Today's first trading suggestion is: take profit on all long positions.
So, why take profit at this position? Based on the previous market analysis, I proposed two potential scenarios for Bitcoin's rise on October 23. The first scenario (white route) is to move in a guiding wedge, followed by a significant pullback, and then start a one-sided upward trend; the second scenario (yellow route) is to go directly for a one-sided upward trend with a smaller pullback.
Personally, I lean towards the first scenario, which is the guiding wedge pattern, first rising to the upper rail of the wedge, then experiencing a deep pullback after encountering resistance, and finally launching a one-sided upward trend. This method has the least resistance and can be considered as 'oscillating upward.'
Currently, there are two patterns for the fourth wave of the small structure, either breaking resistance and then pulling back before rising again, or all long positions taking profit. Today is Friday, and if we follow the red wedge plan, we will be in a pullback cycle today and over the weekend, then start pushing above 70,000 next Monday. I don’t want to short here; I expect to rest for two days and open new positions on weekend night.
