With the US Election Approaching, Financial Markets Bet on Trump's Victory, US Stocks Suffer Major Sell-Off, Bitcoin Surges then Retracts, What's Next?On Friday, Bitcoin's price dipped to $71,440 after US stock markets opened, subsequently rebounding and hovering around $72,300. Bulls are trying to gather strength and launch another attack, aiming to break through the previous high
With the US Election Approaching, Financial Markets Bet on Trump's Victory, US Stocks Suffer Major Sell-Off, Bitcoin Surges then Retracts, What's Next?
On Friday, Bitcoin's price dipped to $71,440 after US stock markets opened, subsequently rebounding and hovering around $72,300. Bulls are trying to gather strength and launch another attack, aiming to break through the previous high. If successful, it could trigger market FOMO sentiment, opening up room for further gains.
Technically, Bitcoin is trading sideways on the hourly chart, with the MACD about to cross above, indicating higher probability of an upswing; on the 4-hour chart, MACD is about to cross below, suggesting a decline; but on the 12-hour and daily charts, it is showing an upward trend. Intraday resistance is at $73,800, while support is at $71,000.
It's worth noting that the US Non-farm Payrolls data for October will be released at 8:30 PM tomorrow, in addition to other major events like the US election (11/5) and the Federal Reserve meeting (11/6-7) next week. Therefore, market volatility may increase in the coming days.
Besides Bitcoin, Ethereum showed strong performance yesterday, with clear signs of a multi-day catch-up rally. The probability of breaking through the resistance line is high, as Bitcoin may reach a new all-time high, driving Ethereum to break through the resistance line; on the other hand, the smaller-scale charts of Ethereum have repeatedly encountered a rebound, which may trigger a positive breakout at any time. Once broken, the next target will be $2880, and there is also a chance for a catch-up rally later.
However, various "bullish" and "meme" coins are rampant in the market, with hype prevailing. Shiba Inu was driven up by market manipulation, Dogecoin was boosted by Elon Musk's tweets without capital and traffic, it's all talk. Culture and community are merely a facade for money. Many projects ultimately crash and burn; projects without major players are like fleeting moments of glory.
Therefore, investors need to be vigilant when searching for "meme" coins. Don't be swayed by the project team's propaganda or KOLs' analyses. True high-quality projects will not be advertised by the project team nor analyzed by KOLs.
Currently, both mainstream and altcoins are at recent highs, with significant market uncertainty. It's recommended that investors avoid buying in these two days to avoid the risk of chasing high prices. Investors who hold coins bought around $65,000 can patiently observe the larger trend.
Lastly, LUNC and USTC have seen a significant rise in recent days, congratulations to those investors who have already profited.
In conclusion, with the US election approaching, the market is filled with uncertainty. Investors need to stay cautious, manage risk, and invest rationally.
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