The Bank of Canada has announced a significant interest rate cut of 50 basis points, marking the fourth consecutive rate reduction. The election is on November 5, and the rate cut on November 8 is expected to be 25 basis points. The only uncertainty now is whether Comrade Jianguo or Harris will go; we can just wait for the results.
Bitcoin has broken below the trend line of returning to the platform, and while the price remains unchanged, the position is gone. In the evening, Bitcoin dropped to 65,200 and rebounded to around 67,300 at the time of writing, recovering yesterday's spike low, which aligns with our analysis of a 4-hour three-wave C wave.
ETH mentioned yesterday that several key support spike positions and the large bullish candle position below need attention for rebound opportunities. In the evening, Ethereum funds continued to sell 100 coins, with a spike at 2,450 rebounding to recover the spike at 2,537 on the 15th, continuing to look for a rebound.
Bitcoin
The 4-hour level has completed the ABC wave down and continues to rise, returning to yesterday's spike platform. For the upward rebound, watch for resistance at 68,000 and 69,500; if broken, we will continue to look towards 72,000.
This wave of short-term decline is also a weak pullback, dropping to the Fibonacci 0.382 spike and rebounding back. With 12 days left until the November 5 election and another likely 25 basis point rate cut on November 8, this could become a turning point for Bitcoin's direction.
Support: Resistance:
Ethereum
The daily chart shows a converging triangle falling back; we continue to look for a pullback to the spike position on the 15th and the bottom support of the large bullish candle on the 14th. The lowest spike at 2,450 continues to look for a rebound, with the first resistance above at 2,600 and the upper edge of the converging triangle.
Altcoins: Previously, on October 18, the video also reminded that DOGE and METIS had small adjustments, which still have opportunities.
Support: Resistance:
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The article is time-sensitive and for reference only; it is updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu
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