Gate.io Blog Daily News | Musk: \\\\\\\"Blockchain Twitter\\\\\\\" Is Impossible; Hong Kong Proposes to Release Virtual Asset Futures ETF; Bears Always Have a Chance to Drive Down BTC

Daily News | Musk: \\\\\\\"Blockchain Twitter\\\\\\\" Is Impossible; Hong Kong Proposes to Release Virtual Asset Futures ETF; Bears Always Have a Chance to Drive Down BTC

01 November 18:27

🟠 BTC
BTC Weekly timeframe:

- Major Level: 20,516 (61.8% Monthly Fibonacci Retracement Level)
- Closest support zone: 20,516 - 20,885
- Key resistance level: 21,002 - 21,690

As of Nov. 01 Asian session, Bitcoin (BTC) was trading above the 61.8% (20,516) monthly Fibonacci Retracement level.

After seeing an engulfing candle previously, BTC bulls took advantage of the momentum last week and succeeded in driving the price above two key levels: 19,858 and 20,516.

With only a day remaining, there’s always a chance the bears will attempt to drive down BTC to invalidate a more bullish outlook going into this week, therefore it is essential for buyers to sustain the price of BTC above 20,516. A key level going into next week is 20,885 (61.8% Fibonacci Retracement level measured from Sep. 12 - 19), meaning the bulls will have to use it as an anchor point to drive BTC above any higher resistance zones.

On the other hand, since BTC was also trading slightly above the 12-Day EMA on the weekly timeframe, we may see some resistance which BTC bears can take advantage of and drive down BTC to an ideal 20,331, so that BTC bulls would have to retest the 61.8% (20,516) Fibonacci level.

BTC Weekly Resistance zones

1. 20,516 - 20,885
2. 21,002 - 21,690
3. 21,737 - 22,577

BTC Weekly Support zones

1. 20,516 - 20,331
2. 19,858 - 19,145
3. 19,960 - 18,472

BTC Daily Timeframe:

- Closest support zone: 20,448 - 20,316
- Closest resistance zone: 20,627 - 20,735
- Key Level: 61.8% (20,516) monthly Fibonacci Retracement level

Nov. 01 09:26 UTC Update:

Bitcoin (BTC) was trading at $20,556, or down 0.22% in a 24hr period.

BTC Daily Resistance zones

1. 20,627 - 20,735
2. 21,076 - 20,974

BTC Daily Support zones

1. 20,448 - 20,316
2. 20.125 - 19,977

🔵 ETH

Weekly Timeframe

- Major Level - Weekly resistance level of 1,760 (Weekly High of Feb. 01, 2021)
- Closest support zone: 1,595 - 1,552
- Key resistance zone: 1,651 - 1,694

As of Oct. 31,
Ether (ETH) was trading above the 61.8% (1,554) Weekly Fibonacci retracement level

- and within a support zone (1,552 - 1,639) derived from Aug. 29 - Sep. 05
- but below the 78.6% (1,651) level measured from Sep. 12 - 26

To confirm a trend reversal to the upside, Ether will have to close above the previous “lower-high” price action formation on Sep. 12, therefore the weekly resistance level of 1,760 is a key level going into the next two weeks when the bulls make an attempt to push the price of ETH even higher.

On the other hand, ETH bears will likely use the 23.6% (1,694) monthly Fibonacci Retracement level as an anchor point to drive down Ether. This is to invalidate a bullish signal by preventing the price of ETH to make a “higher-high” price action formation.

ETH Weekly Resistance zones

1. 1,595 - 1,639
2. 1,651 - 1,694
3. 1,735 - 1,760

ETH Weekly Support zones

1. 1,595 - 1,552
2. 1,552 - 1,494
3. 1,456 - 1,402

ETH Daily Timeframe

- Closest support zone: 1,591 - 1,569
- Closest resistance zone: 1,618 - 1,639
- Key Level: 1,611 (Weekly Close of Feb 01. 2021)

Nov. 01 09:52 UTC Update:

ETH was trading at $1,599, or down 1.35% in a 24hr period.

ETH Daily Resistance zones

1. 1,618 - 1,639
2. 1,651 - 1,664

ETH Daily Support zones

1. 1,591 - 1,569
2. 1,556 - 1,547

📌 The topic of the Day: #Musk, #Hong Kong, #Meta lost money, #Dogecoin Spikes

🔹 Musk has rejected "SBF's $5 billion" and stated that "Blockchain Twitter" is impossible.

🔹 Meta's price plummeted by 20%, and Meta fell out of the top 20 companies with global market capitalization; Its metaverse sector has lost nearly $10 billion this year.

🔹 The Dogecoin whales increased their holdings of 480 million DOGEs a day, and Dogecoin spiked, with a market value of $20 billion again.

🔹 The Federal Reserve will announce the interest rate resolution for November this Thursday, and BTC may return to "trending safe haven assets".

🔹Hong Kong proposes to release virtual asset futures ETFs, and the CSRC has published the relevant Notice to set new rules for issuers.

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

BTC/USDT + 2.93%

ETH/USDT + 8.86%

GT/USDT + 5.07%

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Daily News | Musk: \\\\\\\"Blockchain Twitter\\\\\\\" Is Impossible; Hong Kong Proposes to Release Virtual Asset Futures ETF; Bears Always Have a Chance to Drive Down BTC

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