October 8 BTC/ETH Analysis:

This market situation is like the oppressive weather finally welcoming rain, bringing comfort!

Yesterday, it was advised not to chase the price excessively. In the evening, the US stock market opened high but fell sharply, causing a washout. When the market reached the take-profit level, it began to consolidate. In fact, this is healthy for the overall trend, as the market is testing the elasticity of positions and resetting leverage. On-chain statistics show that in the past 12 hours, 360 million USD worth of positions have been liquidated. The greedy market will always provide lessons!

BTC
Currently, the moving averages show a cone pattern and a death cross. On the four-hour level, the cone pattern continues to expand with a triple top formation. The K-line shows a bullish engulfing pattern confirming the continuation of the cone pattern. The daytime rebound pressure to watch is the 1228 position. If the rebound does not stand above this position at the hourly level, the market will continue to test lower. Keep an eye on support at 1190 for potential rebounds.

Focus on the range of 1218-1222, defend 1229, and target 1214-1204 to break down and look at 1190.

ETH
The concubine basically does not follow the rise but follows the fall. The small levels have all broken down. The daytime rebound resistance is at 4542. As long as the rebound does not break this level, continue to look for a pullback. Pay attention to the area around 4260.

Around the 4475-4502 range, defend at 4548, target 4435-4360, if broken, look down to 4215#BTC #ETH .