BTC

BTC once again broke through its all-time high on October 6, reaching 126,199.63 USD. After two days of consolidation, the price is temporarily reported at 122,054 USD as of the time of writing.

Even though the price broke the all-time high, the trading volume during this rally did not increase with the price, and the K-line on October 7 showed an engulfing pattern, giving back three days' gains in a single day. This indicates that the effectiveness of this breakthrough may be low, and investors are advised to observe the price reaction after a pullback.

If the price stabilizes between the Fibonacci 0.5 and 0.618 levels, consider entering a long position. The entry price range is between 117,500 and 119,000. Take-profit targets can be set in batches at 126,199, 130,000, and 135,000 USD. The stop-loss can be set as low as 111,500 USD, depending on individual risk tolerance.

Reference Points:

• Direction: Long

• Entry: $118,000 / $117,500 - $119,000

• Take-Profit: $126,199 / $130,000 / $135,000

• Stop-Loss: $111,500

ETH

ETH rose to 4,755 USD on October 7 before encountering resistance and falling, with the decline continuing into the next day, October 8, breaking through the trend line all the way to 4,410 USD. During this ETH rally, the trading volume did not rise with the price, and the price failed to break the previous high of 4,769.36 USD, indicating insufficient bullish momentum.

In contrast, the trading volume was relatively high during the decline, showing stronger bearish forces. After breaking the trend line, the price found support and rebounded at 4,410 USD, but encountered resistance again at 4,458 USD and fell. The decline position roughly coincides with the trend line and the Fibonacci 0.618 level, indicating strong pressure in that area.

As of the time of writing, the price is temporarily reported at 4,426 USD. Investors can choose to enter a short position at market price, or observe if the price rises to the 4,500 to 4,540 USD range before establishing a short position. Take-profit targets can be set in batches at 4,410, 4,320, and 4,200 USD. The stop-loss can be set above 4,620 USD.

Reference Points:

• Direction: Short

• Entry: $4,500 - $4,540

• Take-Profit: $4,410 / $4,320 / $4,200

• Stop-Loss: $4,620

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.