Master Discusses Hot Topics:
Today is Monday, so let's start with some summaries and analyses of recent trends. First, as rumors spread about the Federal Reserve possibly "going for a rate cut" at the FOMC meeting in November, the cryptocurrency market has also become lively.
CoinGape continues to report that the Federal Reserve may hold an FOMC meeting on November 7, just two days after the presidential election, to implement a rate cut, which would be a significant move.
With the September PPI data coming in below expectations, the inflation crisis has temporarily eased, leading to a 97.7% probability of a 0.25% rate cut being "imagined" by the market. Indeed, money flows where the wind blows.
The expectation of a rate cut has already sparked a price surge in the cryptocurrency market, and it seems this game of long and short positions has just begun.
Speaking of the U.S. election, we cannot ignore that the 2024 U.S. presidential election is the "annual drama" for global onlookers. I believe everyone is eager to know which influencer will ultimately take center stage, leading the U.S. forward or pulling it back.
That said, the election results will indeed be a lever to move the market. Future fiscal, trade, and even monetary policies may follow the new president's Versailles-style maneuvers. Economic trends? That will depend on whether this new top influencer can hold the stage and introduce new tricks.
According to plan, the voting day for the 2024 U.S. presidential election is set for November 5, which translates to around noon on November 6 in Beijing, when we can expect the results to be revealed.
Reflecting on the processes of 2016 and 2020: On November 5 at 6 AM Eastern Time, the "ballot machines" in various states will start working; after 7 PM that evening, they will gradually close and predict results, usually allowing us to see a fairly accurate picture by midnight.
Around noon on November 6 Beijing time, everyone might as well relax and eagerly await the answers! Don't ask me who I support, as I have no right to support anyone. However, whether Trump or Harris wins will lead to different short-term trends, though this will only affect the short term.
Master Looks at Trends:
With the 20EMA successfully maintained over the weekend, the price has smoothly broken through the upper triangle convergence and is now taking a slight breather for adjustment.
As the price rises, the support line naturally needs to be adjusted upwards. Today, it is advisable to pay attention to the 60-day moving average, with 67.3K as a key support line to safeguard.
If the price returns to a converging pattern, the likelihood of further retracement will increase sharply, so do not underestimate the key support level of 67.3K!
Resistance Levels Reference:
First Resistance Level: 68000
Second Resistance Level: 68700
The psychological barrier of 68K is not easy to break. Instead of hoping for a quick breakthrough, it is better to first solidify the bottom support and wait for a smooth breakthrough after some time.
68K has been a place where the price has been stopped multiple times, and it feels to me that this area has a thick "blood volume." However, if it continues to test and digest the selling pressure above, our chances of breaking out to new highs will increase.
Support Levels Reference:
First Support Level: 67350
Second Support Level: 67000
The first support level is also a well-known area, as past transactions here were filled with retail investors. Therefore, the likelihood of the 67~67.3K area holding is relatively high, making it a good entry opportunity.
The first support line is also a highly cost-effective entry range. It is recommended to set the 67~67.3K area as a phased buying point, where trading can be attempted.
Today's Trading Suggestions:
Today's trading strategy is clear, as the 4-hour line has already broken out of the convergence above. However, it is currently adjusting, so it is advisable to patiently wait for a retracement to catch a better short-term bottom.
In terms of short-term trends, attention can be paid to the movements of the 20-day moving average on the 1-hour level. In addition to observing the moving averages, combining previous highs and lows for comprehensive reconnaissance can effectively improve the win rate.
10.28 Master’s Segment Pre-Orders:
Long Entry Reference: 67000-67350, light position long, target: 68000-68700. If it falls below 66500, then reverse to short, target 66000-65500.
Short Entry Reference: 68500, light position short, rebound 68700-69100 to short, stop loss at 69600, target: 67350-67000.
This article is exclusively planned and published by Master Chen (public account: Coin God Master Chen). For more real-time investment strategies, solutions, spot trading, short, medium, and long-term contract trading techniques, operational skills, and knowledge about candlesticks, you can join Master Chen for learning and communication. A free experience group for fans has been opened, along with community live broadcasts and other quality experience projects!
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