Zhou Yanling: The October 30 Election is Favorable for the Crypto Market's Continued Bull Run, Is Bitcoin's $75,000 Just Around the Corner?
The countdown to the U.S. presidential election has begun. With the fierce competition between Harris and Trump, risk-averse sentiment and hedging buying are continuously driving up cryptocurrency prices, just a step away from breaking historical highs!
On November 5 (next Tuesday), voting for the 2024 U.S. presidential election will commence. The competition between the Democratic and Republican parties is intensifying, and various big names are starting to take sides. This indicates that the division within U.S. political parties is becoming more severe, with money and power lurking behind the facade of freedom.
Behind this round of gains in the crypto market, Trump's "Trump Trade" philosophy has played an important role. As the Republican candidate, Trump has consistently shown goodwill towards the cryptocurrency industry, vowing to make the U.S. the global capital of cryptocurrency. This stance sharply contrasts with the cautious attitude of Democratic candidate Harris, further exacerbating market expectations for Bitcoin's trajectory. However, regardless of the election outcome, the upward trend of Bitcoin has become a foregone conclusion, reflecting the market's recognition of cryptocurrency's potential and optimistic expectations regarding the election results.
Therefore, there is no need to question the recent rise of Bitcoin. Once the underlying logic is understood, it becomes clear why cryptocurrency prices are more likely to rise than fall recently. It is not simply a matter of comparing with past historical trends; history and the present do not have a causal relationship. Anyone who questions Bitcoin's rise or speaks negatively about it will undoubtedly miss this bull market, without exception! The technical chart clearly shows that after the one-hour structure completed its adjustment, it is still accelerating upwards to challenge the highs. After a rapid rise yesterday morning, it repeatedly tested the support level of 69,800, which is the conversion point of the top and bottom. Ultimately, during the Asian and American trading sessions, it accelerated upwards again, reaching close to the historical high of around 73,800 by 3 AM last night. Therefore, today, without a doubt, Bitcoin continues to be bullish. Do not attempt to guess the top; anyone trying to predict the peak during a bull market, regardless of the method used, will be swept away. This is about to be another historical moment; it depends on whether you can keep up with this big bull market. Today's pullback support levels to watch are 71,500 and 70,900. As long as it stabilizes above these two levels, any pullback today remains an opportunity to go long.
October 30 Bitcoin Trading Strategy:
Buy at 71,400-71,950, reserving space to add positions near 70,900, with a stop loss of 500 points, targeting 73,300-73,800, and looking to break through towards 75,000.
Light short at 73,100-72,600, with a stop loss above 73,600, targeting around 72,000-71,500, and continuing to look down towards around 71,000.
October 30 Ethereum Trading Strategy:
Buy at 2,600-2,635, with a stop loss below 2,565, targeting around 2,680, and looking to break through towards 2,720-2,750.
Short at 2,750-2,720, with a stop loss above 2,790, targeting around 2,650.
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.]
This article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. For more real-time community guidance, consultation on position recovery, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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