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🔹Reviews from Cognitive Society
Bitcoin rebounded to a high of 72,000 on October 29, close to the pressure point of 71,000 in yesterday's article by Cognitive Society.
Bitcoin's highest rebound point of 69,000 on October 28 coincides with the pressure point of 69,000 in yesterday's article by Cognitive Society.
Bitcoin's highest rebound point of 67,800 on October 27 coincides with the pressure point of 67,800 in the article of Cognitive Society yesterday.
Bitcoin's lowest point of 65,600 on October 26 coincides with the support level of 66,000 in yesterday's article by Cognition Society.
There is a big discrepancy between the highest point of Bitcoin's rebound on October 25, 68,800, and the pressure point of 69,600 in yesterday's article by Cognition Society
Bitcoin's highest rebound point at 68000 on October 24 aligns with the resistance level of 67700 from yesterday's Cognitive Society article.
Bitcoin's retest of the lowest point at 66000 on October 23 aligns with the support level of 66000 from yesterday's Cognitive Society article.
Bitcoin's retest of the lowest point at 66400 on October 22 aligns with the support level of 66000 from yesterday's Cognitive Society article.
Bitcoin is stronger than expected; originally aimed for 71000 but reached 72000.
This wave of altcoins has rebounded slightly. The altcoins can only hope for more upward movement after Bitcoin stabilizes at 72000. If Bitcoin falsely breaks above 72000, it could easily trigger a top divergence and sudden drop. If Bitcoin stabilizes at 72000, the strong resistance level ahead is 80000, which is far off. October is about to close, and if Bitcoin can close like this, confidence in Bitcoin will greatly increase. Excluding huge negatives like in the case of Trump... and wars between major countries, it is estimated that it would be hard to hit Bitcoin's upward trend.
Cognitive Society believes that the core factors affecting Bitcoin's mid-term are Trump's presidency and the U.S. interest rate cuts. As long as Trump is the U.S. president, the crypto industry should experience a significant surge, of course, unless... a sudden drop.
After December, market liquidity will gradually increase, and with the certainty after the U.S. elections, the cognition still believes the market will gradually improve.
The U.S. spot Bitcoin ETF had a net inflow of 472.6 million yesterday.
The U.S. spot Ethereum ETF had a net outflow of 1.1 million yesterday.
📍Cognitive Society interpretation: Bitcoin spot ETF is considered to be competing for Bitcoin.
CryptoQuant CEO: The demand for institutions to allocate Bitcoin through custody services is rising.
CryptoQuant CEO Ki Young Ju stated on platform X that the demand for institutional Bitcoin custody wallets is rising. In the past year, U.S. spot ETF net inflow was 278,000 Bitcoins (about 80% was retail funds), while large wallets (holding over 1000 Bitcoins, excluding exchanges and mining pools) had a net inflow of 670,000 Bitcoins, indicating that the scale of institutions allocating Bitcoin through custody services is about 2.4 times that of ETF channels.
Ki Young Ju added that these whale wallets are a superset of custody wallets. Since most ETF wallets hold less than 1000 Bitcoins, this data can better reflect the actual situation of custody wallets. He also noted that more detailed data is needed for deeper market insights.
📍Cognitive Society interpretation: Incremental funds are the foundation of a bull market, and demand is the prerequisite for incremental funds.
Tether CEO: Tether cannot go against the U.S. government.
Tether CEO Paolo Ardoino stated in an interview that the U.S. government can 'one-click destroy' Tether. Therefore, Tether cannot go against the U.S. government. He said, 'We may not be the best at showcasing ourselves, but importantly, we have brought the FBI into Tether's compliance system. We have involved the U.S. Secret Service. We have received a thank-you letter from the Department of Justice... We believe we are doing our best.'
Additionally, Paolo Ardoino stated that the company is doing its utmost to combat the use of illegal cryptocurrencies. He added that USDT's role in illegal finance is 'insignificant' compared to the dollar. Ardoino stated that Tether has been actively freezing and blacklisting crypto wallets, and the company collaborates with 180 government agencies worldwide.
📍Cognitive Society interpretation: Paying fines to the U.S. government and being compliant is the only way.
Analysis: The rising probability of the Republican Party winning the elections may pave the way for crypto legislation.
Analysts from financial services company Presto stated that as Trump's lead over Harris continues to grow on Polymarket, the Republican Party's chances of winning big on this decentralized prediction platform are also increasing, which raises the likelihood of crypto-related bills passing in Congress.
On Polymarket, the probability of the Republican Party winning the presidency, Senate, and House after next week's elections has reached 48%, up from 28% earlier this month. Presto analysts Peter Chung and Min Jung stated on Tuesday that this outcome would give the main party supporting cryptocurrencies greater control over legislation and the U.S. policy agenda, potentially resolving regulatory uncertainties that hinder the industry's development.
Among the more than 50 proposed crypto bills, six (including the 'FIT21' bill aimed at regulating the entire industry) have passed in the House and are currently awaiting approval from the Democrat-controlled Senate.
Analysts pointed out that the last time the Republican Party had a three consecutive victory was during Trump's first term, just before he shifted to support cryptocurrencies, but it only lasted two years until the Democrats regained the House in 2018. (BlockBeats)
📍In-depth interpretation: The rule of law is the foundation for the crypto industry to strengthen.
🔹Summary: Bitcoin at 72000 is the market's critical point; every sudden drop in Bitcoin is an entry opportunity for Ethereum.
Starting from May 2024, it is the mid-term of the bull market for Bitcoin and Ethereum. Each drop is an opportunity, and long-term K-line research should focus on Ethereum, UNI, OP, NEAR, BLUR, and LINK.
🔹Short-term data
Disclaimer: The K-line data analysis provided by Cognitive Society is based on data analysis, does not represent any position, and does not receive a penny from any project parties.
🏷Bitcoin
Support level: 70000 68500
Resistance level: 72000 76000
🏷Ethereum
2770 is a strong resistance level.
Every sudden drop in Ethereum is an entry opportunity.
Ethereum layout is the core strategy.
Resistance level: 2660 2740
Support level: 2600 2500
SOL
If Bitcoin can stabilize at 72000, there is hope to break through 180; 195 is a strong resistance level.
🏷LINK
10.8 10 is an important support level; 12 13 are strong resistance levels.
New value, new RWA leader. A drop can be configured; Cognitive Society's LINK layout from 2022 to May 2023.
🏷uni
Looking at where to break through from 7.1 to 7.87, 8.3 and 8.7 are strong resistance levels.
Cognitive Society believes that UNI needs to buy back tokens to realize profits and then burn them to take off.
Resistance level: 8 8.3
Support level: 7.6 7.4
🏷️WIF
On October 29, WIF's retest of the lowest point at 2.24 aligns with yesterday's Cognitive Society article's support level of 2.2; 2.7 and 2.9 are resistance levels.
🏷️BLUR
0.24 0.26 resistance level
🏷OP
1.8 2 resistance level
Cognitive Society believes that OP around 1.2 is still worth considering.
Resistance level: 1.8 2
Support level: 1.6 1.5
🏷CRV
Struggle around 0.25
🏷️JTO
2.55 is an important resistance level.
2.3 2.2 support level
🏷️BOME
0.01 0.011 is a strong resistance level.
🏷1000SATS
To stabilize, it needs to hold at 0.00027.
Highly volatile; position must be strictly controlled.
🏷1000RATS
To stabilize, it needs to hold at 0.12.
1000RATS rebounded to near the cost, reduce the position after reducing, lowering the long-term position ratio; the volatility is too great; ordinary people can't stand it.
🏷NEAR
4.4 is under pressure.
When NEAR was around 1 in 2023, Cognitive Society uniquely reminded to invest regularly from near 1.3 to 1.
Resistance level: 4.6 5
Support level: 4.2 4
🏷️JUP
0.94 is an important support level; 1.1 is an important resistance level.
🏷AI and NFP
Dropped too deep; it's not that it's not updated, it's that one can only wait.
To be strong, it needs to stabilize at 0.65.
🏷BNB
On Earth, when BNB was around 200, Cognitive Society uniquely reminded to invest regularly from BNB 210 to 180.
Support level: 595 588
Resistance level: 612 630
Others wait for a bit more rebound before updating.
🔹Cognitive attitude towards making money
Cognitive Society does not like hindsight analysis.
Doesn't like to be with those KOLs who boast about making money.
If there’s someone in the crypto space who can profit from the rise and fall of every coin.
One year with leverage is not about making 10 billion.
However, the second largest exchange in the world is watching the market manipulated by the big players, and it only went bankrupt with a loss of several billion.
Form your own trading system, earn money within your cognitive range, do not fantasize about profiting from every daily rise and fall, and do not fantasize about profiting from every coin's rise and fall. Such a person does not exist on Earth, nor does such an institution. If such an institution existed, the trading platform FTX, which was closely observing the main force behind it, would not have collapsed.
Desire and ability do not match
The heart can never be calm.
How can you hold onto coins if your heart is not calm?
Many people like to rely on others' promises and guarantees to hold onto coins during drops.
Banks can go bankrupt; even the fiat currencies of major countries can collapse. Evergrande and Zhongzhi have gone bankrupt with trillions.
Do you think that in such a high-risk place in the crypto industry, those who promise returns are trustworthy?
Con artists are just talking nonsense; have you seen those who boast during bull markets still around during real drops and bear markets?
