The US stock market continues to strengthen, with the S&P 500 reaching new highs, the Dow Jones up one point, and the Nasdaq up 0.6 points. Before the election, the market remains stable and not too unfavorable. Finance and politics are similar in any country; what matters is that the US dollar index continues to strengthen, rising by 0.39%. BTC has dropped three waves, unable to hold the support at 60,000. The price line has broken below the middle track of the weekly BOLL, increasing the pressure on the previously converging triangle support.
Bitcoin
Yesterday, I reminded that there was a descending wedge on the 1-hour chart, suggesting to look for a rebound before continuing to decline. The rebound height would not exceed 63,200. As a result, it touched 62,412 again and then plummeted. Currently, it has returned to around 60,000 for support, continuing the viewpoint from October 1, looking at 56,000 to 57,000, and it must not fall below 55,555; otherwise, it will test 52,500 or even lower.
On the daily chart, it shows a relatively standard three-wave upward followed by a three-wave downward. The spike at 64,478 did not hold above the BOLL middle track, continuing to decline. The MACD underwater bars continue to grow, and the OBV indicator has crossed below the yellow line.
Support: Pressure:
Ethereum
Ethereum is still oscillating in a triangle or box below the 2,800 bull-bear dividing line. Yesterday, it was mentioned that the price closed below the double bearish candlesticks from September 1-3, and the short-term still has not adjusted properly. Today it dropped to 2,351, with little support space left below; 2,250 and 2,150 are only 200 points apart. We are waiting for Bitcoin to adjust to see if Ethereum can approach these two supports without breaking them, at which point we can consider whether to buy the dip. The precaution is that if it falls below 2,111, there may be a more significant decline.
Support: Pressure:
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu
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