The US spot Bitcoin ETF is expected to purchase its one millionth Bitcoin as early as this week, as traders prepare for potential positive factors in the cryptocurrency market in November. These factors include the US elections, the Federal Reserve possibly lowering interest rates, and Russia lifting its ban on Bitcoin mining—all of which are set to occur in November.
Chu Yuechen: Bitcoin and ETH Market Analysis and Trading Reference for 10.29
Bitcoin finally surged past 70,000 last night, and this morning it continued to rise, currently peaking around 71,500. We have been saying for many days that Bitcoin would go above 70,000, and friends who entered long-term positions must be feeling good. We also provided a long position at 67,800 yesterday, and this wave of 2,000 points in profit is quite satisfying; those who followed along can also enjoy some gains. ETH was also given a market order at 2,480 yesterday, making a 100-point profit possible.
Returning to today’s market, Bitcoin has successfully broken through the 70,000 psychological barrier, indicating that there is unlimited potential above. The previous high points of 72,000 and 73,700 still pose resistance, but I believe it’s only a matter of time before we break through. The daily chart shows a solid bullish candle, indicating sufficient bullish momentum, so we will continue to hold long positions.
For intraday short-term contracts, the support level at the bottom is 69,500. As long as the closing price remains above this level, the bullish trend will not change. For the short term, we are currently entering long positions around 71,000, with a stop loss at 70,500 and a take profit at 72,000.
ETH, driven by Bitcoin, has also broken through 2,600, and we are entering long positions around the current price of 2,620, with a stop loss at 2,580 and a take profit at 2,700.
Specific Operation Suggestions (based on actual market prices)
Long position for Bitcoin around the current price of 71,000, with a stop loss at 70,500 and a take profit at 72,000.
Long position for ETH around the current price of 2,620, with a stop loss at 2,580 and a take profit at 2,700.
Market conditions change in real-time, and there may be delays in article publication. The strategy points are for reference only and should not be used as the basis for entry. Investment carries risks, and profits and losses are the investor's responsibility. Daily real-time market analysis, along with experience exchange groups and practical discussion groups, are available for real-time guidance. Evening live broadcasts will explain real-time market conditions.
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