10.28 BTC, ETH Evening Analysis: Up and Down Pin Bars, Focus on Short Positions
Last Friday's post indicated that Bitcoin is experiencing wide fluctuations, allowing both long and short positions to be established. Those who entered positions near the upper or lower bounds of the range can directly take advantage of the market movement. Interested friends can refer to that. A major market movement will occur after the pin bars conclude, so be patient and wait for a major direction to emerge before following it.
From the 4-hour chart of BTC: The Bitcoin upward pin bar has formed a top. In the short term, to break the structure, an entity candlestick must quickly form an effective trend. If no signal appears, it is likely to remain in a sideways movement. The 4-hour chart shows a triangular flag structure, making it better to short near the highest point of the flag. Attention should be paid to the 69300 level for a breakout above the flag range; if a strong upward breakout occurs, then it will be bullish, otherwise, it will be bearish. Looking at the supplementary indicators, the current OBV is unusually crossing below the yellow line, indicating a strong bearish outlook. The KDJ is also crossing downward, indicating bearishness, and all other indicators are also pointing downward, so it is strongly bearish. If shorting, the target is the lowest point of the triangular flag at 67300, which is also the best position for a long.
BTC Evening Strategy: Short between 68900-69400, target around 67300!
ETH Evening Strategy: Short between 2520-2535, target around 2465!
