The National Day holiday is over. Today also marks the official start of the Wu-Xu month. Bitcoin and Ethereum both pulled back quite a bit yesterday. Ethereum in particular flash-crashed by over 100 points. Bitcoin also had a considerable pullback. Ethereum has now pulled back right to the 78.6% Fibonacci level. Bitcoin is still some distance away from the 78.6% Fibonacci level at 81,500. But Bitcoin is currently near support at the weekly MA5. It had initially moved above 85,000 on the weekly chart, but has since fallen back below it. Looking at the weekly chart, the outlook is still bullish. It will reach around 90,000. On the daily chart, it’s simply a matter of forming a new structure. The most likely new daily-chart structure for Bitcoin and Ethereum is still a W. This area is also strong support for Bitcoin and Ethereum. As I said, as long as Bitcoin doesn’t break below 81,500, it will reach 90,000.$BTC
Report a good piece of news to comrades On the morning of October 5 at 8:00 a.m. The weekly big cake Ethereum closed its line It has officially broken through 85,000 That resistance has been dragging for a long time, and it finally broke through The resistance above is around 90,500 I’ve been telling everyone all along that if 81,500 doesn’t break, then it’s definitely going up Right now, 85,000 has been broken through Support and resistance have swapped What used to be resistance is now support Something big is coming Something big is coming again Welcome your King $BTC
In just a few days, we’ll enter the 戊戌 month. 戌土 is the “overheated fire storage.” We gather the fire energy from the years of 丙午. The fire energy becomes more condensed. Then metal and water rise upward. If the financial market isn’t affected by countering conditions, it will get much better. For the big meme/“big cake” and Ethereum, today after the line is finished, the daily chart looks much better than the past few days. The daily charts from the previous few days really were uglier. It can’t go up, and it can’t go down. So we can only find comfort for the bulls from the larger timeframe. Now looking at the daily chart, after today closes, the big cake/Ethereum line has been pulled back again—ma5 and ma10. Although it still hasn’t broken through 85000, where the weekly chart ma62 and ma120 are, it also looks better than the past few days. We expect it won’t be stagnant for long. There’s a high probability that if this week doesn’t pull down, then next week it will pull up—$BTC
The big pancake is finished wrapping the monthly line. From the monthly chart, this month the big pancake and Ethereum should also rise. On the monthly timeframe, the MACD fast line and slow line are near the zero axis and have turned upward. MACD also needs to move to the turning point. The stochastic oscillation indicator is also pointing upward. On the monthly timeframe, MA5 and MA10 have a golden cross. Just looking at the monthly chart alone, the probability of the October candle closing bullish is very high. In the past few days, I’ve been saying this too. The weekly chart also needs to go up. As long as the big pancake at 81500 doesn’t break, it has already been consolidating long enough—once it’s done, it will pull up. My current view remains unchanged. For October so far, I still expect a bullish trend: $BTC
The monthly chart is about to close. US stocks are also dragging. The whole market is stalling. It also won’t go down. And it won’t go up either. When it can’t go down, the BTC “divergence” is essentially going sideways instead of dropping. Once the sideways range is enough, it will naturally pull up. BTC’s key level is 81500. If 81500 isn’t broken, it will still go to 90000. Be patient and wait. $BTC
The weekly chart “big pancake” has finished its line. There are still a few days left to close the monthly line. So the market is relatively sluggish/hesitant. From the weekly chart alone, the big pancake will definitely need to rise. The indicators below the weekly chart— although it hasn’t broken through the resistance range of MA120 and MA62— the moving-average structure, the MACD fast/slow lines, and the random oscillation indicators all point to a bullish trend that hasn’t finished yet. The key support on the weekly chart is currently around 81500. The support of the 5-day line is also around 81500. This pull-up still has some minor bearish divergence overall. So during consolidation and repair, looking at the 3-day line, there is also an MA5 moving-average support around 84000. So the 84000 to 81500 range can be regarded as a strong support zone for the big pancake. Ethereum’s pattern is similar to the big pancake. You can basically follow the big pancake’s signals for it. So overall, the market outlook is still bullish $BTC $BTC
On the Bitget exchange I went all-in 20x on 500,000 OP Can I still make it to the other side? During the Mid-Autumn Festival holiday it’s also the weekend now will BTC and ETH go up? US stocks have already rebounded BTC and ETH are a bit lagging and there are also reasons related to Bitget’s bearish news but it’s not a big deal bull markets pull the market up all the way while facing bad news $BTC
Damn it. Yesterday, the big cake (ETH) didn’t manage to continue rising. It pulled back along with the US stocks. The chart below shows the daily charts of Nasdaq futures and the big cake. The patterns are pretty similar. The difference is: Nasdaq futures are holding above the MA5 support, while the big cake is below the MA5. From the daily chart, Nasdaq futures in the US market has just tested the daily MA5, which provides some support. Also, today President Xi Jinping has started his visit to the US. China and the US should be able to agree on some cooperation. For the midterm elections, Trump is really going all out too. So in the next few days, US stocks should still rise. The big cake has been closely correlated with US stocks lately, so it should rise along with them as well. For now, this market pullback is just to set up a better rally $BTC
Today’s relatively important information is whether the “small daily life” will raise interest rates. America has already raised rates. If the “small daily life” doesn’t raise rates, America will drain them dry. The “small daily life” originally is already a region with very low interest rates. On top of that, crude oil prices are now high. And due to the issue between Iran and Israel, crude oil has been tightened. That’s adding insult to injury. So I think the “small daily life” will raise interest rates. If the “small daily life” raises rates, resistance to America’s extraction—pulling liquidity away—will be a slight short-term negative for U.S. stocks. After America’s rate hike actually takes effect, yesterday U.S. stocks already recovered the earlier losses from the past few days. U.S. stock index futures, especially Nasdaq futures, have broken above the trendline resistance near 29,500 again. It is expected that although the “small daily life” rate hike may be a small negative, the impact will not be big. Because the “small daily life” interest rates are still too low compared with America’s, so the effect is limited. As for BTC and ETH: yesterday they didn’t rebound with U.S. stocks by much. Currently, BTC is still around the 76,500 Fibonacci level. Only if it holds above this level can it challenge 81,500 again. However, the village chief still believes this level can be held. In the near term, BTC will still test 81,500. What we can determine right now is this: The Federal Reserve’s future rate hikes will only be once. Doesn’t that mean that going forward it’s all rate-cut expectations? The bull market is arriving so gradually like this. The market is buying expectations, $BTC