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10.17 Market Update | Bitcoin, Ethereum short-term sharp fall, is there a chance for an oversold rebound?
The white market just tentatively entered a long position, but unexpectedly the market quickly fell and hit the stop loss. Currently, Bitcoin has dropped below 107000, approaching around 105800, with key support looking at 105000. If it continues to break down, it may further test around 102000.
Since falling from the peak around 113500/4300, Bitcoin and Ethereum have respectively dropped to around 105800 and 3760, with a significant overall correction. At this position, chasing short positions carries considerable risk. The daily candlestick support levels are around 105000 and 3730. In the short term, it may be worthwhile to watch for an oversold rebound opportunity to recover losses.
Operation Reference:
Bitcoin is currently around 105800, taking a small position to go long, targeting around 107500.
Lightly buy Ethereum around 3770, with a target near 3860.
Risk control reference 104800/3720 line