$BTC Analysis Updates Oct.30
BTC broke through the cage that had blocked it for more than 200 days two days ago, which definitely is a cause for celebration. I wonder if BTC fans have opened a bottle of wine to celebrate.
At this moment today, the price of BTC is 72468, and then it has stagnated a bit. If we look carefully at Chart 1, we will find that BTC reached a temporary peak of 73620 in the afternoon of yesterday, which is basically the same as its peak price on March 13 this year (the previous peak price was 73756). After March 13, BTC entered a long-term range, and it could not go up or down.
And today BTC hit this key price again.This time, I think it is optimistic. BTC has bid farewell to the 68k stage. At this moment what it needs to do is to challenge 73600 again in 200 days, and then completely leave it behind.
So in these few days, BTC may be brewing its ability to challenge again.
Its lowest retracement support price may be around 69613,
followed by around 70239,
followed by around 71461,
and finally around 72258.
If it develops upward, the short-term high may be around 74119.See Figure 2
The results of the US election will be announced soon. I personally think that no matter who is elected, BTC will rise because the United States has decided to link the economy and cryptocurrency. This may be its only way out for now.
Finally, I hope my analysis will be helpful to your trading analysis.
Happy trading everyone.