November is destined to be extraordinary, with elections and monetary policy meetings, can they prompt Bitcoin and altcoins to embark on a new journey?
Bitcoin is currently undergoing a pullback, with the previously mentioned defense level around 68,500 (on a four-hour chart) still in play. Following the previous strategy, there will be significant news coming soon, and contract players should be aware of the risks.
Technical analysis is ineffective for this type of news because the actual trend is determined by the election results. The market no longer blindly assumes Trump will win; holding onto spot positions while waiting for a result is the current approach.
The cryptocurrency market is gradually maturing, and it is not simply about who wins the election; it’s more about the pace of movement. Regardless of who wins, Bitcoin's status will be acknowledged, and the Bitcoin spot ETF is supporting the market.
Overall, both traditional and crypto markets are showing a degree of optimism, and everyone seems to be waiting for the results to start positioning themselves. In the short term, the political uncertainty during the election often brings about significant price volatility, and players in the primary market should be cautious of risks.
ETH found support around the 2,420 level, but the market's rebound has remained weak. It is advisable to exercise more patience and adopt an aggressive strategy. The current positions should be held, and once it breaks and stabilizes above 2,550, one can consider adding to their positions. The range won’t hold indefinitely; after three months of range-bound trading, a breakout could bring significant opportunities.
Spot players and those using low leverage should continue holding their coins and await the recent news to materialize.
btc0955
