Crypto Circle Scholar: 10.31 US Treasury Secretary Criticizes Powell! A statement about interest rate cuts is not set in stone, causing turmoil in the crypto market, Bitcoin wails at ten thousand!
The current price of Bitcoin is 107400, it is now 2 AM Beijing time, overnight in the US market, prices plummeted as US Treasury Secretary Besant criticized Powell. To be honest, I feel a bit sorry for Powell, he has softened for so long, and just before his term ends, he wants to take a hard stance, but with one statement, the year-end interest rate cut is not set in stone, causing turmoil in the crypto market. Within 24 hours before the release, 90% of the market positions were liquidated, with the largest single liquidation being a certain big shot in our Bitcoin liquidating 21 million.
As of the time of writing, the daily K-line high is 111565, while the lowest is pending, as it is currently continuing to probe and has fallen below 107000. The next key level support is at the golden ratio 0.618 support of 106450. If this support is lost, the space below will open up, and it will further probe down. The MACD volume will also change to a decreasing volume downward as 618 is lost. The DIF and DEA form a dead cross below the 0 axis, indicating a large downward trend. After the mid-band of the Bollinger Bands lost 110500, the K-line began to impact the lower band support of 105100. If this line is lost, the next step will be the big barrier of 100,000.
The four-hour K-line has been from the high point of 116000 to the K-line probing the bottom division line of 786 support at 106800, which has nearly 10,000 points of space. The short-term has entered an extremely oversold market. Now the price has reached a key support level. If this support holds, the market is likely to consolidate in the range of 105000 to 110000 in the short term. The MACD continues to accumulate with decreasing volume, and the DIF and DEA have broken below the 0 axis and are pulling down. The K-line is also expanding around the lower band of the Bollinger Bands at 107800, indicating a downward trend. Congratulations to the crypto friends going south, the cautious can take profits after the bottom support of 106500 holds, and can also leave a little bit of a bottom position, feel free.
Short-term strategy reference:
Northern trial warehouse point 107500 to 107000, defend 106500, stop loss 500 points, target look at 108500 to 109000, break position look at 109500 to 110000.
Southern trial warehouse point 109500 to 110000, defend 110500, stop loss 500 points, target look at 109000 to 108000, break position look at 107000 to 106500.
Specific operations should be based on real-time market data. For more information, please consult the author. There may be delays in article publication, so it is suggested for reference only, and risks are borne by yourself.
