10.13 Tuesday morning market overview: BTC daily bearish engulfing structure

BTC formed a large bearish candle with a solid body this morning, ending a three-day winning streak on the daily chart and forming a bearish engulfing pattern with yesterday’s bullish candle

South Korea’s KOSPI index plunged 6%, triggering a sell-side circuit breaker again after a two-month interval. Micron, SK Hynix, and SanDisk all plunged, which may have some impact on the crypto market

BTC rebounded to 8.43 yesterday before quickly pulling back and wicking down to 8.1, then rapidly rebounded back above the support level; this rapid shift between longs and shorts liquidates traders using high leverage and frequently opening positions, and I was no exception—I went long at 8.27 and got stopped out, losing 1000 points. When you take a hit, stand up straight

The 8.27 level has switched between resistance and support. After breaking through and stabilizing, continue watching for a rebound. Enter long again on the right-side confirmation above 8.27 to catch the rebound, with defense at 8.17 and targets near 8.37 and 8.44

With the daily chart closing in a bearish engulfing pattern, lay in wait to short at 8.44 on the left side, with defense at 8.52 and targets near 8.36 and 8.27

For other levels in between, let the market move slowly and wait for an entry opportunity. Learn to be friends with time

Friends passing by, please take a moment to follow, like, and comment—your support means the most to me. Thank you! The above information is for market analysis only and does not constitute trade execution;
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