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It's a new week and a fresh start. Never forget your initial enthusiasm. If it's waning, it means you're about to be eliminated. Never forget your original intention and stay focused! The presidential election will undoubtedly intensify the drastic fluctuation in the cryptocurrency market. Regardless of who becomes the president, they will face a declining U.S. economy, banking crisis, trade deficit, and U.S. debt crisis. The announcement of the election results on November 5th will affect market sentiment and have a short-term impact on the price of Bitcoin (BTC), but the long-term impact is not significant. The underlying logic for BTC's pump is not the Federal Reserve policy or who the U.S. president is, but the global crisis of confidence in the U.S. dollar! In addition, the Federal Reserve's interest rate decision on Friday is expected to stimulate significant volatility in the coin price. It is anticipated that there will be significant fluctuations in the market this week.
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BTC's weekend price showed a continuous downward trend. Last night, the price hit a low of around 67500 and quickly rebounded, showing a consecutive bullish pullback. Currently, the price has made significant recovery progress. In the short term, the downward trend channel has opened up room for further decline, but the price has found support and signs of recovery have appeared. The bearish momentum has decreased, and the moving averages have turned upwards after a downward release, indicating a warming trend. On the 4-hour timeframe, the price did not rise after a brief increase and is currently testing the support level. The trading channel has narrowed again, and the conversion between long and short positions is frequent. The amplitude of oscillation has decreased, and the short-term trend remains unchanged. In the short term, the focus is on reclaiming the previous low point at 67500. This downward adjustment will provide an opportunity to get on board again, and our strategy will be biased towards buying at lower levels.
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ETHdaily candlestick yesterday saw a pullback, with three tests breaking the 2400 level. After hitting a low Long Wick Candle at the 2409 level overnight, it rebounded and fell back under pressure at the 2475 level. Currently, it is running around the 2450 level. The key focus now is whether the 2400 level can truly stabilize and form a rebound. It's important to note that a rebound is not a reversal, and it's crucial to pay attention to position control and swing trading, especially with the upcoming news. Despite the support of Ethereum gradually shifting downwards, there are Whales increasing their holdings of Ethereum. A Whale holding over 65,000 Ether has increased their holdings by $10 million in the past two days! So, if the support of Ethereum holds, there is a high probability of a strong upward trend in the near future!
BTC2,43%
ETH4,27%
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