The weekly chart shows a hammer candlestick with significant volume, indicating that the pressure from the previous high is still quite strong. Whether we can continue on the path of the immortal depends on whether the upcoming recovery can break through the previous high. If we rebound again to 71600 and 73660 but still cannot break through, the probability of a major drop increases significantly.
In terms of news, we are not focusing on it. Whether it's the non-farm payroll data or who will occupy the White House after the election, data and news can be manipulated. Ultimately, it all returns to the market. Just pay attention to the time node; the preliminary results of the election will be finalized on November 6 at 12:00.
Bitcoin
After breaking below 68800 on the 4-hour short-term chart, it has returned above 69100 at the time of writing. If it can continue to stay above 69500, there is a chance to challenge 71600 and the previous high again. Note that if it fails to make new highs multiple times, the risk will increase.
On the daily chart, the price has retraced back to the rising flag pattern, which also serves as support at the middle Bollinger Band. For the day, watch for a rebound and pay attention to the recent resistance levels at 70500 and 71600. The stop loss is set at 67489 and should not fall below this level again.
Support: Resistance:
Ethereum
Ethereum's weekly chart closed poorly, forming an engulfing pattern followed by a hammer candlestick last week. Pay attention to the lower boundary of the daily converging triangle, which should not be broken.
There is a bullish divergence on the 4-hour chart, but the price has not yet recovered above 2500, indicating weakness. Even for spot trading, the stop loss for the initial position should not fall below 2411.
Support: Resistance:
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This article is time-sensitive and for reference only; it will be updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Official account: Trading Prince Fusu
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