Preface: Investment carries risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: November 1, 16:19 Beijing time
Market Information
- Coinbase's stock price fell 15% due to earnings report falling short of expectations;
- The total net inflow of the U.S. Ethereum spot ETF yesterday was $13.0552 million, with an ETF net asset ratio of 2.29%;
- The Japanese cryptocurrency industry will launch "self-regulation of stablecoins";
- Zhao Changpeng: Cryptocurrency practitioners should not download files from emails, as it poses significant security risks;
- Former President Donald Trump sent birthday wishes to Bitcoin and criticized Vice President Kamala Harris;
- Donald Trump promised to "end Kamala's war on cryptocurrency and Bitcoin." (Watcher.Guru);
Market Review
As mentioned earlier, the market would experience a pullback. Bitcoin did not continue to break new highs after reaching the peak of 73660. After two days of fluctuations, it pulled back last night, with the low point at 68870, basically reaching the previously mentioned decline range of 68500-67000, which has at least 3000 points of profit for those who laid out short positions; Ethereum also reached the target range of 2500-2450 around 2686, with a low point at 2467, providing at least 180 points of profit for short positions. Congratulations to those who followed along for a small profit. For subsequent long positions, wait for another dip before laying out.
Market Analysis
BTC:
From the daily chart, Bitcoin's recent pullback has broken below the 69500 level, which is the midpoint of the previous pullback from 65222 to 73660. If it breaks below, it will need to test lower again. The monthly line has also closed, maintaining the high point without breaking the historical high, so a certain pullback is expected. Tonight's non-farm payroll data should have some impact on Bitcoin, but it won't be significant. With the upcoming U.S. elections, Trump's chances of being elected are still slightly higher, and the market reaction to his election will likely lead to a rebound. This pullback is not expected to go far, basically just the previously predicted range of 68500-67000. Once this range is reached, a long position can be opened if a long lower shadow is formed, preferably a doji star. The chance of breaking below the 65222 level is not very high, and there is still some space below. Those looking to enter can do so with a light position or wait until the lower range is reached to lay out long positions; manage your own entry opportunities. For short-term trading, control risks and manage your own profits and losses.
ETH:
From the daily chart, Ethereum's movement is basically as expected, with effective resistance at 2686. After a rise, it closed lower and subsequently fell to the target range. Ethereum has already dropped to the lower support range, but since Bitcoin has not yet reached its target, it may be wise to slow down on long positions for Ethereum. Once Bitcoin drops below 685, Ethereum can follow suit for positioning. Recommended entry point is around 2450; after entering long positions, there is no rush to sell, waiting for the U.S. election results to be announced, with the initial target set at around 2870. Manage your own entry; for short-term trading, control risks and manage your own profits and losses.
In summary:
Bitcoin and Ethereum have fallen as expected; wait for Bitcoin's pullback before laying out long positions.
The article is time-sensitive, be aware of risks; the above is only personal advice and for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
Buddhist saying: "Impermanence" is the norm of life. The "impermanence" mentioned here refers to uncertainty and unpredictability. All the things that cause us pain are due to the excessive pursuit of certainty, such as love, family, work, and friendship. Therefore, investment is about using limited funds that can be tolerated to amplify infinitely on the basis of having a fallback and an offensive strategy, rather than being defensive everywhere; In short, use limited money that does not affect the quality of life to do things that, if successful, could change one's fate or improve life. Defense is just not worse than now, while offense can be better than now.
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