Friends, happy Halloween! 👻👻👻
Congratulations in advance to friends who have jumped on the long positions this month; there are only five days left until the election. Based on previous market conditions, I can boldly predict that even if there is a pullback, it will not exceed the support point below 0.618. As for why?
First, we can see that Bitcoin has very strong support around 71400. At the short-term level, 72000 is also a resistance support level. Although it seems that the big coin cannot rise much in the past two days, it is also obvious that the price is not dropping significantly, so we can conclude that we are currently in a phase of adjustment.
Additionally, Bitcoin had a surge the day before yesterday, and there has been no significant pullback for two or three days. We can further understand that this round of the bull market has already begun. The current market situation not breaking through can corroborate the current pattern of adjustment and fluctuation.
In the analysis of Ethereum, although it is relatively weak at the hourly level, it is very promising at the daily level. Whether it’s a golden cross or an upward channel during the consolidation phase with the RSI indicator, all data suggests that Ethereum has the potential for a rebound. Moreover, the market is currently seeing increasing capital inflow into the cryptocurrency market, and the chances of altcoins doubling are just around the corner.
Finally, here are a few support levels for your reference, in case everyone is really too afraid of a pullback.
For Bitcoin, we first see that the support levels are at 71400-70700-69750-69250, etc. For Ethereum, the support levels are at 2633-2590-2560, etc. For Dogecoin, short-term levels are at 0.17000-0.16400-0.15700.
As for the pressure levels at the highs, I won’t share them with you for now. Other bloggers may mention resistance at 73000 or 74000, but I believe the possibility of breaking through these levels before the election is quite high. Therefore, regardless of the situation, I still recommend temporarily holding onto long positions and focusing on the large fluctuations at the hourly level.
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I am Jason, see you in the next content ✊🏻