The latest opinion poll results show that U.S. Vice President and Democratic presidential candidate Harris is leading former U.S. President and Republican presidential candidate Trump by a slim margin of just 1%. However, 10% of voters may change their minds before the election.

Harris currently leads Trump with a support rate of 49% to 48%, but with only a few days left before the election, there is still room for change in support rates, as about 10% of potential voters and 16% of registered voters indicate they are still weighing their options. Additionally, in seven key swing states that could determine the final election winner, Harris leads Trump with a support rate of 49% to 48%, a shift from a week ago when Trump led Harris with a support rate of 50% to 46%.

Meanwhile, Mt. Gox, which had been inactive for two months, transferred 500 bitcoins in two transactions around 8:45 AM this morning, but it is unclear whether this is for compensation. Currently, there are approximately 44,900 bitcoins worth about $3.11 billion in the Mt. Gox wallet awaiting compensation to creditors.

In the cryptocurrency market, Bitcoin experienced a significant drop this morning, briefly falling below the $70,000 mark. As the U.S. election approaches, market uncertainty has increased, leading many investors to reduce their positions. This not only greatly diminishes the chances of Bitcoin reaching new highs before the election but could also trigger market volatility that may negatively impact prices. As of the time of writing, the price is $69,628, with a decline of over 4% in the past 24 hours.

Bitcoin 4-Hour Chart

First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price is near the lower band, having significantly retraced from the upper band. The expansion between the upper and lower bands indicates high market volatility. If the price finds support near the lower band, it may retest the middle band area. If it breaks below the lower band support, it may further decline.

Second, based on the KDJ indicator on the 4H Bitcoin chart, all three KDJ lines are currently at low levels and are turning upward, showing clear signs of a rebound. If the three lines form a golden cross at low levels, Bitcoin's price will likely rebound.

Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line and DEA line are showing a death cross pattern at high levels, indicating that bearish forces are currently dominant. Additionally, the MACD histogram is also green, confirming the strength of the bearish sentiment. If the MACD green histogram shows a trend of gradual expansion, the price may continue to decline in the short term.

Bitcoin 1-Hour Chart

First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the price has just rebounded from the lower band to near the middle band but has not yet broken through the middle band. The opening of the Bollinger Bands shows a downward trend, indicating that the downward pressure still exists. If the price stabilizes effectively at the middle band, it may further test the upper band resistance; conversely, if it cannot stabilize effectively at the middle band, it may continue to run along the lower band.

Second, based on the KDJ indicator on the 1H Bitcoin chart, the K line and D line have formed a golden cross at low levels, and the J line is moving upward, indicating that there is momentum for a rebound in the short term.

Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are gradually converging at low levels, showing signs of forming a golden cross, which may lead to upward momentum in the short term. The MACD green histogram has shortened, indicating that bearish forces are weakening, and there is a demand for a rebound in the short term.

In summary, the analysis indicates that on the 4H level, Bitcoin has some support near the middle band of the Bollinger Bands, but both MACD and KDJ show that bears are dominant, suggesting a risk of continued decline in the short term. If the middle band is lost, the price may test the lower band support. On the 1H level, Bitcoin shows signs of a short-term rebound after the decline. The low-level golden cross of KDJ and the shortening of the MACD histogram indicate a demand for a rebound, but it is still necessary to monitor whether the price can effectively break through the middle band of the Bollinger Bands. If it can break through and stabilize at the middle band, it may initiate a rebound trend.

Therefore, the following suggestions are provided for reference.

At 8:30 PM, the non-farm payroll data for September will be released. Due to the uncertainty caused by strong hurricanes and Boeing's strike, it is expected that the non-farm payroll number for October will drop from 254,000 in September to about 100,000. The unemployment rate is expected to remain unchanged at 4.1%.

Consider going long on Bitcoin around 69,300, targeting 70,900, with a stop loss at 68,850.

In this new month, I wish all investment friends profitable trades and successful investments!!!

Instead of giving you a 100% accurate suggestion, I prefer to provide you with the right mindset and trends. After all, teaching someone to fish is better than giving them fish. Suggestions may yield short-term profits, but learning the mindset can earn you a lifetime! The focus is on the mindset, grasping trends, and planning positions. What I can do is use my practical experience to help you, guiding your investment decisions and management in the right direction.

Writing time: (2024-11-01, 18:17)

(Written by - Master Says Coin) Disclaimer: Online publication may have delays; the above suggestions are for reference only. The author is dedicated to research and analysis in the fields of Bitcoin, Ethereum, altcoins, forex, stocks, etc., with years of experience in the financial market and rich practical operation experience. Investment carries risks; please proceed with caution. For more real-time market analysis, please follow the official account Master Says Coin for discussion and exchange.

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