On October 29, Tuesday, Analysis of Bitcoin's Morning Thoughts!
From a technical structure perspective, on the four-hour level, the running channel continues to show a narrow downward trend, with prices oscillating and continuing to decline weakly, without forming a significant rebound. The volume is arranged in a weak bullish form, and the moving averages consistently trend downwards, with the small cycle still in a bearish dominant state.
On the daily level, the running channel continues to trend downwards, with prices maintaining a weak consolidation. In the upper mid-range, after a plunge, there hasn't been an effective rebound, and the bearish volume continues to shrink. The moving averages haven't shown significant upward coordination. Personally, I still favor a bearish approach this week, and whether the market can rebound and recover will need to be followed up after support.
Personal trading suggestion for Bitcoin: Short near 70500, targeting 70000-69500. If it breaks through, continue to look downward!
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