Morning Thoughts on October 28

Early Thoughts on October 28

Only a few hours remain until the weekly close. If the current pattern remains unchanged, it is essential to be cautious if there is a rebound that breaks through 70,000 or stays above 70,000 next week. As long as the current candlestick pattern does not change until the close, it will be unfavorable for short-term bulls. Of course, from the long-term perspective of the larger cycle, my thoughts remain unchanged, and I won’t elaborate further here; previous articles can be reviewed. The end of the month is approaching, along with the U.S. elections on November 5 and the interest rate meeting on the 8th, which will undoubtedly have a significant impact on short-term market fluctuations, so risk control is crucial for short-term trading. At the beginning of next month, there will definitely be changes in the weekly level large box structure, and I am optimistic about a breakout upwards, but the premise is to break and stabilize above 70,000 again, of course, the influence of news at the beginning of the month should also be closely monitored. After the decline last Friday at the daily level, both attempts to test have not broken below the 65,000 line, and there were consecutive small bullish candles over the weekend, so after the double test, the support at this line can still be referenced; this is also the support area of the middle track. The only thing to note at the daily level is that the MACD volume bars show signs of divergence. That’s all for now; more analysis will be updated after the weekly and daily closes. The short-term suggestion for Bitcoin remains to follow the previous strategy, using the 65,000 line as a support reference. If it holds, go long at the 66,600 - 65,600 line; if it unexpectedly breaks below, then re-enter after a rebound in the 64,000 - 63,000 line range.

Bitcoin: 67,000-67,500 long. Target 68,100-68,600
Ethereum: 2,430-2,470 long. Target 2,530-2,580
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