Zhou Yanling: The 11.5 Election Approaches, Cryptocurrency Prices Stagnate - Today's Latest Trend Prediction Analysis and Trading Suggestions
The highly anticipated U.S. election is finally here, and many people are asking me about my views on the election market, or they want to take advantage of the election event to capture fluctuations in the cryptocurrency market. In Yanling's view, this is unnecessary. Although we will certainly experience such risks in day trading, Yanling believes that maintaining a short-term trading posture is the most prudent approach at this time. It is important to effectively use your technical tools and not attempt to exploit risks for extra profits, as this can easily backfire.
As someone who has been through this before, during the last game between Abai and At, I only saw the dollar fluctuate by 100 points, while everything else was quite ordinary. Therefore, Zhou Yanling personally pays more attention to the emotional response to the Federal Reserve's interest rate decision. A rate cut should be a foregone conclusion, which I don't find particularly difficult to accept. After all, there is still a maximum of 50 basis points of rate cut space this year. A stable cut is normal, and the market has long anticipated this. Otherwise, cryptocurrency prices would continue to rise rather than decline as they are now. If they pause the rate cut, that would be even more profitable.
From the recent specific trends in cryptocurrency prices, the overall operating rhythm has been relatively range-bound over the past two days. After two consecutive trading days of decline at the end of last week, today shows a continuation of the downward trend, but it hasn't effectively broken below 68,000, which diminishes the momentum for further declines.
Moreover, several rebounds during the Asian and European sessions have formed a bullish candle that engulfs the previous three bearish candles, keeping the overall operating rhythm within a range. Looking at Bitcoin's overall operating rhythm, there was a bullish trend before, and the recent pullback is a correction. Although there have been two consecutive bearish days, the ongoing weakening momentum is still insufficient. Additionally, the high repetitiveness of the corrective pattern means that even if the operating space expands in the short term, it will still be a fluctuating rhythm. Once the support below gradually stabilizes, it will not take long for a short-term rally driven by data news. Therefore, today's operations should focus on the support around 66,500. As long as this defense line is strictly maintained, the bulls will have another opportunity to attack, with the upper pressure level to watch in the short term being the 70,000 mark.
11.5 Bitcoin Trading Strategy:
Short at 69,400-68,900, stop loss above 70,000, target 67,900-67,400, continue to look for a breakdown around 66,700.
Long at 66,700-67,200, stop loss below 66,200, target 68,200-68,700, continue to look for an upward move around 69,600.
11.5 Ethereum Trading Strategy:
Short at 2,490-2,460, stop loss above 2,530, target 2,420-2,380, continue to look for a downward move around 2,320.
Long at 2,380-2,410, stop loss below 2,340, target 2,460-2,500.
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.]
This article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. For more real-time community guidance, consultation on position liquidation, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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