The U.S. election will officially arrive on November 5 local time. Many market investors are betting on Trump's election, leading to a rise in related concept stocks and Bitcoin. However, as potential gains gradually decrease and risks and returns continue to worsen, everyone is starting to take profits. On the other hand, U.S. stocks performed poorly last week, which may also be one of the reasons for the market decline. However, Daxian believes that post-election market momentum is expected to drive the market higher.

Additionally, there is a significant announcement this week: the Federal Reserve will announce its interest rate decision for November on the 8th, which could also lead to severe fluctuations in global markets. Currently, the market believes the probability of a rate cut of 25 basis points this month has risen to 98.9%, with only 1.1% believing the Fed will maintain the current rate.

In terms of cryptocurrency, Bitcoin hit a low of $68,800 in the early hours of the 2nd and has been continuously challenging to return above $70,000. However, the upward momentum is not strong. On the evening of the 3rd, around 11:30 PM, it set a new low for the month at $67,478. As of the time of writing, Bitcoin's price has rebounded to $69,164, with a nearly 24-hour decline narrowing to 0.35%.

Bitcoin 4-Hour Chart

First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price is close to the middle band and is attempting to break through to the upper band. The upper and lower bands are converging, indicating that future market volatility will decrease. If the price can effectively stabilize above the middle band, it will continue to break through to the upper band. If it fails to stabilize above the middle band, it may still pull back to the lower band support.

Second, based on the KDJ indicator on the 4H Bitcoin chart, the KDJ three-line values have formed a golden cross at a low position and have not yet entered the overbought area, indicating that the price is expected to rise further in the short term.

Finally, according to the MACD indicator on the 4H Bitcoin chart, both the DIF line and DEA line are operating near the 0 axis, and there are signs of a golden cross forming as both lines turn upward. At the same time, the MACD green histogram is gradually shortening, indicating that the downward momentum is weakening. If the DIF line and DEA line form a golden cross upward, accompanied by the MACD histogram turning from green to red, then Bitcoin's price will experience a significant rebound.

Bitcoin 1-Hour Chart

First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the current price of Bitcoin is above the upper band, indicating a strong upward trend, but it also comes with the risk of being overbought. The Bollinger Bands channel has expanded, suggesting that market volatility is increasing, and significant fluctuations may occur in the short term.

Second, based on the KDJ indicator on the 1H Bitcoin chart, the K line and D line values are already at a high position, and the J line value is also in the overbought area, indicating that there may be pressure for a pullback in the short term. If the KDJ forms a death cross at a high position, a pullback may occur; if the KDJ three-line values continue to rise, it indicates that buying power remains strong, and the price will rise accordingly.

Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line has just crossed above the DEA line, forming a golden cross, which is a clear bullish signal. At the same time, the MACD red histogram is growing, indicating strong bullish momentum, and the price is expected to recover the declines of the previous days.

In summary, through the analysis of the 4H Bitcoin chart, the price of Bitcoin is currently in a pullback phase after experiencing an increase. From the position of the middle band of the Bollinger Bands, this is a key resistance level. If it can effectively stabilize at the middle band, there is a chance to challenge upward again. From the 1H Bitcoin chart, the breakthrough of the upper band and the golden cross of the MACD support price movement upward. However, since the KDJ is in an overbought state, attention should be paid to the pullback risk that may occur in the short term.

Based on the above, Daxian offers the following suggestions for reference:

Buy Bitcoin near $68,900, targeting $69,900-$70,400, with a stop loss at $68,500.

Instead of giving you a 100% accurate suggestion, I prefer to provide you with the right mindset and trend. After all, teaching someone to fish is better than giving them a fish. The focus is on the mindset, grasping the trend, and planning the market layout and position. What I can do is use my practical experience to help you, guiding your investment decisions and management in the right direction.

Writing time: (2024-11-04, 05:50)

(Written by Daxian on cryptocurrency) Disclaimer: Online publication may have delays, and the above suggestions are for reference only. The author is dedicated to research and analysis in the investment 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 Daxian on cryptocurrency for discussion and exchange.

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