Good morning ☀ hardcore fan check-in 👍 like and get rich 🍗🍗🌹🌹


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Overnight, the three major US stock indexes all fell, with the Dow falling 0.9%, the Nasdaq falling 2.76%, and the S&P 500 falling 1.86%. Large tech stocks all declined, with Microsoft falling over 6%, Meta falling over 4%, Amazon and Tesla falling over 3%, and Apple and Google falling nearly 2%. Chip stocks fell across the board, with Arm falling over 8%, NVIDIA and Micron Technology falling over 4%, and TSMC and Qualcomm falling over 2%. The crypto market fell across the board, with BTC falling below $70,000 briefly, testing the support at around $69,660, and Ethereum dropping straight from its high point of $2,721 to test the support at around $2,500. There are even signs of a trend reversal for some altcoins. At present, it is temporarily judged as a correction on the daily candlestick chart, starting with the first swing trading rise on the daily candlestick chart last weekend.


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Today marks the beginning of a new month, and there is a high probability of a turning point at the beginning of the month, with a monthly closing market trend. US stocks, gold, and Bitcoin are experiencing a significant plummet. It's not surprising, considering that the Nasdaq and gold both hit historical highs yesterday, and Bitcoin was only 200 points away from its all-time high. Whether it's profit-taking pressure from long positions, emotions reaching a peak, or to avoid the non-farm payrolls data tonight, adjustments are being made. I originally planned for Bitcoin to hit a new high and then experience a major plummet. After all, after half a year of consolidation and correction since the March decline, it must break through with the news of interest rate cuts and the election. Tonight is the non-farm payrolls report, and on November 5th, the US election. I still see a rise in long positions, with a very high probability of reaching a new high. Even if a new high is not reached, there should be a rebound to test 72000-73500 again!



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Yesterday, the long and short positions of BTC during the trading hours did not show much continuation. In the evening, influenced by the news, the shorts suddenly exerted force, and the price fell to around 69660, breaking through multiple supports during the after-hours plummet. The short-term trend of BTC is judged as a pullback of the daily candlestick level rise starting from the 26th, with an adjustment target of 69600-68700. From the structure of BTC, the current trend has not reversed, but it seems that the downward trend that started yesterday morning has not yet completed. Today, it is advisable to follow a reversal point around 72000, and continue to oscillate and rebound near the reversal point. If there is a pullback after approaching the reversal point, it may be a good opportunity to go long. Due to the significant pressure from the upper Bollinger Band on the current cycle, if the rebound is weak and fails to break through 71200, the market will continue to decline and turn around. The one-month rise will come to an end. Although the long-term trend is still intact, and there are pullback phenomena, it is suggested to wait for the market to stabilize after the rapid decline, and not to chase rising prices. It is advisable to observe the market in the morning.



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On October 31st, the Candlestick chart of ETH showed a long upper shadow, indicating heavy selling pressure above, clearly pulling back downwards. It broke through two major support levels at 2600 and 2550, and reached a key Node above 2500. It can be said that the market this week has reversed in just a few days, directly falling below the trend support at 2550 after breaking through the EMA90, entering a bearish trend. The MACD also started to decrease after a day of volume expansion, and the DIF and DEA just formed a golden cross but quickly turned into a death cross. As long as the closing price does not break 2550, the death cross will be formed. The Bollinger Bands are contracting in both directions, and the Candlestick chart directly fell below the midline at 2580, with the lower support reference at 2420!