Saturday, October 5th, Weekly Review and Long-term Outlook for Next Week

Strength creates classics, kings forge legends. This week, Bitcoin experienced another round of one-sided rise, with the price rising from the 93,300 range, reaching a maximum of 104,300 under pressure, overall showing a growth of 11,000. In this week's outlook, we have been bullish and went long all the way, essentially capturing all of the second round of gains. As early as last Saturday's weekly review, the long-term outlook was very clear: Bitcoin bullish from 93,500 to 105,000, Ethereum bullish from 1,730 to 2,500. Bitcoin basically fulfilled this perfectly, and Ethereum also provided a substantial gain. The outlook can be described as quite perfect, and I believe friends who kept up with the rhythm have reaped significant rewards.

Regarding the long-term outlook for next week, my personal view is to first pay attention to the pullback of the market. We must first confirm the overall direction. From the weekly chart, the overall trend is currently upward, following a pattern of oscillating upward. Since the bottom of 74,500, the trend has stretched and then undergone oscillating adjustments, continuing to rise. This week also closed with a large bullish candle, so the possibility of a downward adjustment is quite high. Moreover, the current price is also in a strong resistance area. To break through this area directly, it requires prolonged accumulation of energy. Currently, the bulls are showing signs of exhaustion, so the possibility of a breakout next week is low.

Looking back at the daily chart, the price has stopped rising at a high level after continuous gains. The bullish energy has shown signs of exhaustion after a long release, and continuous gains will eventually lead to a technical adjustment. After all, the market will not always rise, nor will it always fall. If next week cannot stabilize above 105,000, the risk of a pullback is quite significant. Therefore, I personally do not expect the price to effectively break out next week, and my personal view is mainly bearish.

For the long-term outlook next week, my personal view is to short around 104,000-105,000, with a target focusing on the 95,000-93,000 range. For Ethereum, short at 2,400-2,500, looking back at the 2,000-1,900 range.

Life occasionally has frosty cold, don’t be afraid! Just like making soup, simmering on low heat is what brings out the rich flavor. Every setback adds fuel to the fire; hold on, the fragrant hot soup that belongs to you will surely be ready, warming your life ahead. #BTC重返10万