--- title: "October 23 Bitcoin market review and outlook" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/24666220.md" description: "Market Review Hello everyone, today is October 23rd. Let’s briefly discuss the recent BTC trend. Looking back at the trend we mentioned on October 20th, a terminal wedge was completed near 69.5k, followed by a decline starting on the 21st. The first half of this decline was relatively smooth, quickly dropping to the 66k-67k range. However, at this level, the downward momentum clearly weakened, and the price couldn’t fall further. Four-hour K-line signals: Bulls are resilient, support is evident. From the four-hour K-line chart, the appearance of many long lower shadows indicates that bullish forces are still providing strong support. This is a typical signal..." datetime: "2024-10-23T05:49:19.000Z" locales: - [en](https://longbridge.com/en/topics/24666220.md) - [zh-CN](https://longbridge.com/zh-CN/topics/24666220.md) - [zh-HK](https://longbridge.com/zh-HK/topics/24666220.md) author: "[BTCFREE](https://longbridge.com/en/profiles/11280193.md)" generator: "portal-rs" --- # October 23 Bitcoin market review and outlook #### Market Review Hello everyone, today is October 23rd. Let’s briefly discuss the recent BTC market. Looking back at the trend we mentioned on October 20th, a terminal wedge was completed near 69.5k, followed by a decline starting on the 21st. The first half of this decline was relatively smooth, quickly dropping to the 66k-67k range. However, at this level, the downward momentum clearly weakened, and the price couldn’t fall further. #### 4-Hour K-Line Signal: Bulls Hold Strong, Support Evident From the 4-hour K-line chart, the appearance of many long lower shadows indicates that bullish forces are still providing strong support. This is a typical signal showing that prices encountered strong buying pressure during the dip. Although bears tried hard to push prices down, the bulls held firm. The earlier decline (from 69.5k to 66.6k) can be seen as the first wave of correction, and the market is now in a complex consolidation phase. #### Two Short-Term Possibilities There are two possibilities here: 1\. The correction is over, and a rally is imminent: Theoretically, the duration of this correction (from 69.5k to 66.6k) is relatively coordinated with the previous uptrend. If this is the case, the price may have completed its adjustment and is ready for a rebound.   2\. Another wave of decline: Alternatively, this could be just a pause in the correction, and another wave of decline (similar to Wave C after Wave B) might follow, possibly testing slightly lower levels. However, since the downward momentum has weakened significantly, the depth of Wave C is expected to be limited. #### High Difficulty for Short-Term Trading For those engaged in short-term trading, the current situation is quite tricky. Going long risks another dip, while going short risks a sudden rally. For spot investors, this isn’t a big issue, but for leveraged trading, it’s advisable to wait patiently to avoid getting caught on the wrong side. #### Weekly Chart: Focus on the Mid-Week Close Let’s look at the weekly chart. There’s still half a week left, which is enough time for prices to rally. If BTC can stage a rebound over the next few days and close the week in the green, it would form a very bullish pattern. If this happens, next week could see even stronger upward momentum. Therefore, the price action in the coming days is crucial, especially whether BTC can rally tomorrow and the day after. #### Daily Chart: Looks Like a Big Drop, But Can’t Fall Further From the daily chart, although BTC appears to be in a downtrend, the actual decline has been limited. This situation is like "should fall but doesn’t," creating a "false decline" scenario. If the price can’t fall further in the short term, bulls might seize the opportunity to push prices higher. #### 1-Hour Chart: Technical Indicators Adjusted, But No Further Decline Finally, looking at the 1-hour chart, from 9 AM to now, you’ll notice that technical indicators have adjusted sufficiently. If the market were to continue declining, conditions are ripe for a drop, but the price just won’t fall. In other words, the conditions for a rally are in place, and the market is just waiting for a trigger. #### Conclusion: Avoid Shorting in a Bull Market, Rally Could Happen Anytime Overall, the market is still in a bull phase, and shorting remains highly risky. Both technicals and sentiment suggest a potential rally at any moment. As we’ve said before, shorting in a bull market is not a wise choice. That’s all for today’s analysis. Stay patient—market movements are always random, but you can make better judgments by relying on technicals and market signals. $Strategy(MSTR.US) $Coinbase(COIN.US) ### Related Stocks - [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md) - [COIN.US](https://longbridge.com/en/quote/COIN.US.md) ## Comments (15) - **能改变吗 · 2024-11-14T04:32:23.000Z**: Looking forward to more sharing - **dsgfcmpnml · 2024-10-23T09:37:09.000Z**: Big shot, what do you think about tonight's market trend? Just saw it has stopped falling 😄 - **伏见稻荷大社的小狐狸 · 2024-10-23T09:09:26.000Z**: 看涨的人太多了 就涨不上去 而且大饼和公司股票不一样 没有业绩 没有有力的故事可以讲 涨跌完全靠对手盘博弈 个人觉得看图没啥太大意义 - **BTCFREE** (2024-10-23T09:25:50.000Z): Haha~ no debate - **伏见稻荷大社的小狐狸** (2024-10-23T12:06:13.000Z): 没辩论 只是说下个人看法 目前大饼 15 分钟非常弱 下来酣畅淋漓 上去非常困难 1 小时 4 小时一天都已破位 目前周线还有支撑 前面我也说了 图没用 只是表现过去和现在的状态 作为一个没有任何基本盘支撑的大饼未来走势只有对手盘博弈的结果 决定对手盘的只有多空后面的心理 心理对于很多韭菜来说只有从各大多空鼓吹手那里得到安慰 其实归根结底 寂静无声时做多 人声鼎沸时做空就行了 - **川隆.LH** (2024-10-23T12:19:11.000Z): 有道理的！卖在人声鼎沸时。虽然俺感觉现在不够鼎沸，更多是恐高。坚持自己的交易策略就好！各自为自己的认知负责。 - **好孩子 · 2024-10-23T06:19:31.000Z**: 给大佬加鸡腿🍗～ - **葫芦怪怪 · 2024-10-23T05:58:04.000Z**: 等信号！谢谢股主！您论坛外网无法下载查看 只能在这等您分享了 - **BTCFREE** (2024-10-23T06:01:16.000Z): Climbing the ladder~ - **葫芦怪怪** (2024-10-23T06:27:06.000Z): Damn it, still can't download the app. Gonna try again tonight when I get home. --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**