According to relevant news, Israeli official sources reported this morning that Israel has launched an attack on Iran, with Iran's power plants being one of the targets. As soon as this news broke, the cryptocurrency market was directly affected. The U.S. election is now also in its final stages, with less than half a month left in the countdown. According to relevant reports, Trump currently holds an absolute advantage over Harris. Reports indicate that Musk, in order to support Trump's campaign, has once again activated his cash capabilities, providing $56 million, bringing Musk's total expenditure to at least $132 million to push his allies into the White House and Congress. Musk, the CEO of Tesla and SpaceX, has disclosed these donations to the Federal Election Commission, showing he has invested a large amount of money to fund Trump's presidential campaign while also supporting Republican members of the House. The election is about to conclude, and Musk's net worth has also increased. According to recent news, Musk's vehicle models have significantly reduced prices, and profits have exceeded expectations, causing Tesla's stock market to surge by 22%, increasing its market value by a trillion. Musk's net worth skyrocketed by $200 billion overnight, securing his position as the richest person. This is Musk's brilliance; he never took sides before but has directly backed Trump in this year's election because he realizes that the U.S. economy has suffered severely and needs someone who can manage the economy to save the country from economic decline, and Trump happens to be that person. Biden's administration has instigated wars everywhere, first with Russia and Ukraine, now in the Middle East, and currently with North Korea and South Korea. Harris, as Biden's successor, is also a warmonger, who only initiates wars to profit from them. Trump, being a businessman, knows how to manage the economy, so he will find ways to address the economic recession. You might have seen Putin's response to Trump; he said he doesn't remember Mr. Trump making threats against Moscow. The U.S. election is too intense right now, and we shouldn't take the statements made during the election too seriously; that's the key point. During elections, anything can be said, and once elected, they deny everything. Harris and Trump both claim to support each other, but if elected, Harris would suppress, while Trump at least wouldn't be too harsh.
Now let's take a look at the market. A few days ago, when Bitcoin was at 69,000, Lao Shan mentioned that a pullback was coming, and I'm sure many of the friends in the crypto space who saw the article made their layouts. Those who were looking at 73,000, 80,000, or even 90,000 have basically been liquidated. The market has also liquidated some leverage and cleaned up some high-position buyers. Currently, Bitcoin is hovering around 66,800, with a low of 65,950 and a high of 67,294. It is still in a pullback phase. Key resistance for Bitcoin is at 68,000, and the 70,000 mark is a heavy resistance. On the downside, key support is at 65,000 and then at 62,000. As for Ethereum, there are too many retail investors, and the drop has been quite severe, hitting a low of 2,380. Key support is at 2,200, while key resistance is at 2,500. After this pullback, Ethereum will rise again and lead the altcoins. The old coins will also benefit from this wave. Everyone should seize this opportunity; pullbacks provide you with chances. You can also follow Lao Shan's official account: Lao Shan 3. This time there will be a wave of pullbacks combined with the election, and then it will end. Pay attention to the U.S. unemployment rate on November 1 to see how serious the economic recession is. November 5 is also an important election day. Now everyone should patiently wait; there are still 2 days of phased pullbacks on Sunday and Monday, and then the market will basically arrive on Tuesday. Those who want to layout should hurry up.
The A-shares continue to show strong fluctuations, and a short-term change is fast approaching, likely around next Monday or Tuesday. 3,480 may be the peak of this short-term fluctuation. Now we must wait for the results of the U.S. election, which will also have a significant impact on the stock market. The economic war between China and the U.S. is becoming increasingly intense, so everyone should invest rationally. The national team has large-scale news; the central government has increased its holdings of ETFs by over 250 billion in the third quarter, and more will continue to flow in. The central bank aims to stimulate consumption and stabilize the economy. Currently, the real estate market is in a better recovery phase, with more and more people buying houses, and prices are significantly higher than before. The number of consumers is increasing, and economic recovery is just around the corner. I am Lao Shan, thank you for watching, and see you next time!
