Master Chen 11.5: One person sings while three feel sorrow. Top-tier script murder. I'm also afraid of chasing high prices and getting cut!

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4 hours ago

Master Discusses Hot Topics:

Come, come, come, today Master will first talk about the major events that we small retail investors believe are worth paying attention to. Tomorrow is the decisive moment of the 2024 U.S. presidential election, and the results will be revealed at 6 PM Beijing time. Right now, Harris and Trump each hold 49% support, and the swing states are really swinging without any clear direction, making the election situation dizzying.

One moment we hear that Harris has a slight lead, and the next moment there are reports that Trump has locked in victory early. To be honest, this election is like a guessing game—you never know who will jump out and say, "Guess who I am."

Rumors of election fraud in Pennsylvania are everywhere, and now it all rests on the courts: should they acknowledge those somewhat interesting ballots, or just invalidate them outright? If Pennsylvania turns red, the Republican Party will make a comeback; but if it turns blue, the Democratic Party will probably breathe a sigh of relief.

Speaking of betting, just look at the odds in the U.S. gambling market: Trump's odds are rising sharply, while Harris's are circling the floor. Both the bookmakers and retail investors are following the trend to buy Trump, after all, no one wants to go against their own wallet.

Harris's actions are also puzzling; she just announced this is her "last campaign speech." Come on, she hasn't even been elected yet, why is she already doing a "farewell"? This "playing hard to get" seems profound, but is actually just "the emperor's new clothes," right?

Moreover, her differences with Biden are becoming increasingly public, with Biden internally thinking: why did I nominate her in the first place? Now he regrets it deeply. Now that Biden and Harris have fallen out, with their own people tearing each other apart, Biden directly makes harsh comments: "Trump supporters are trash." Do you think this is meant for Trump? No, this is aimed at Harris, trying to put her on the hot seat; the old man really has a lot on his mind.

Upon hearing Biden's "trash talk," Trump immediately took the stage dressed as a sanitation worker, driving a garbage truck, putting on a show of "I am the voice of the people," winning over voters—Trump is truly an old hand, seizing the opportunity to counterattack, leaving Harris in a position where she can't stand or sit. Harris stood up to criticize the voters, but it was too late, and the enemy's morale surged.

In short, the Democratic Party is extremely frustrated right now: the Pennsylvania court is not buying it, Biden and Harris are in a love-hate relationship, no one internally can take over, and Trump is attacking wave after wave. If Trump wins, the Republican Party, which has been suppressed for four years, will launch a full counterattack, pressing the Democratic Party down for a 360-degree "education," and this hard life may just be beginning…

Back to Bitcoin and Ethereum, Master still holds a bearish outlook in the medium to long term, while the raging bull market will eventually fade away. Of course, with the election and the Federal Reserve's interest rate cuts, there may be short-term surges or even new highs, and the big players will likely react to the market in advance.

So once there is a market-moving news event, there won't be a standard bullish or bearish trend for you to enter; instead, it will create a situation of mutual destruction for both bulls and bears.

First, Bitcoin has seen six consecutive daily declines, and the weekly K-line has pulled back after a high, showing weakness before reaching a new high. Additionally, Ethereum and most altcoins have been severely hit, creating lower highs and lower lows. In contrast, Bitcoin has once again shown a false breakout, while Ethereum remains stagnant.

Thus, Bitcoin's market cap dominance will accelerate towards a peak, possibly forming a top in December. For Master personally, whether Ethereum can hold above 2820 is also a dividing line for bulls and bears.

Some fans do not understand and even question the relationship between the bull market and Ethereum. What Master wants to say is that Ethereum represents the trend of altcoins; if the bull market is to fully start, Ethereum must break through; otherwise, it will just be a solo performance by Bitcoin.

Remember on October 30, Bitcoin almost touched its historical high, and Ethereum also stood above 2700. Various "masters" in the market were shouting that the altcoin season was about to arrive, and Ethereum would surely catch up.

However, Master stated in the article at that time that until Ethereum stabilizes above 2820, do not touch altcoins. Now the results are clear, ETH and altcoins have both fallen below previous lows, creating a snowball effect. Time will validate everything, and it's not about shouting that you're eating meat every day; it's still Master’s saying—you haven't said whose meat you're eating…

Master Looks at Trends:

Yesterday, Master placed a long position around 68000 to 68400, and the market provided an entry point in the afternoon, reaching the first target of 69100, while the short position was not entered as the market did not provide the position.

With the outflow of funds from Bitcoin spot ETFs and the upcoming U.S. election, the market is maintaining a wait-and-see attitude within a certain range.

Due to the increased uncertainty brought by the election, funds are flowing out of ETFs. Although prices have dropped due to this uncertainty, the market still holds expectations for a short-term rise in Bitcoin.

Currently, attention needs to be paid to the downward space during the day, looking for suitable entry opportunities.

Resistance Levels:

First Resistance Level: 68300

Second Resistance Level: 69000

Support Levels:

First Support Level: 67800

Second Support Level: 66700

Today's Trading Suggestions:

In the short term, focus on the gradual breakthroughs of the 120, 20, and 60-day moving averages to see if they can hold the formed support levels. Even if the price returns to the first resistance level, it is still necessary to be aware of the resistance above. Currently, it is still in a downtrend, and if the price touches 69.2K, it may gradually test the resistance.

Therefore, at this stage, retesting the 68K position may lead to a price drop, so focus on technical rebounds and look for entry opportunities.

The reason for maintaining a two-way analysis is that there are many long lower shadows in the current candlestick chart, and it is still in a downtrend, with the trend not yet reversed. Therefore, Master suggests flexibly adjusting positions.

11.5 Master’s Swing Positioning:

Long Entry Reference: If it strongly stabilizes above 71800, go long for a one-sided rise.

Short Entry Reference: Short in the 70500-70800 range, with a stop at 71200, target: 69000-68300.

This article is exclusively planned and published by Master Chen (public account: Coin God Master Chen), with the same name across the internet. 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!

Warm reminder: This article is only written by Master Chen on the official account (as shown above), and any other advertisements at the end of the article and in the comments are unrelated to the author!! Please be cautious in distinguishing between true and false, thank you for reading.

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