October 7th, Saturday, U.S. stocks are closed, and the decline has halted for a correction

It's Saturday, brothers. Yesterday, Bitcoin's movement was relatively weak, with sideways trading during the day, a pullback in the evening, and a low of 67,720 before bouncing back. Currently, it has recovered to around 68,200. Yesterday's bullish long positions suffered significant losses, but they followed the trend to reverse the tide, regaining all lost ground. Under the current rhythm, we are in a recovery phase. Considering the U.S. stock market is closed on Saturday, intraday trading should not focus on big patterns, mainly short-term, with high sell and low buy.

The daily chart shows a rebound followed by a decline, forming two consecutive bearish candles, and short-term support is near the middle band, so we still need to watch the 67,700 support level. The short-term trend is definitely weak; a breakout could lead to further declines. From the hourly chart, the short-term structure is weak, having been oscillating downward since touching the high of 74,000, with no strength in rebounds. Although the decline has paused, there hasn't been an effective rebound action, so the current rhythm remains to focus on shorting rebounds.

On Saturday morning, it is recommended to short Bitcoin at 68,500-68,800, with targets around 67,500-67,000.

The above ideas are personal opinions only. Welcome everyone to discuss! Investment involves risks; please trade cautiously. There are no shortcuts in trading; patience is key for long-term success. Don't seek overnight riches; steady and solid progress is the way. Wishing everyone smooth trading! $BTC ​#加密市场小幅下跌