October 29, Tuesday Afternoon Silk Road Analysis and Operation Suggestions:

Bitcoin: 70500-71000 range, target around 72000.

Ethereum: 2600-2615 range, target around 2660.

In the market atmosphere before the election, the price of cryptocurrencies has broken through the 70000 threshold, which is undoubtedly a positive signal. After breaking this threshold, its momentum remains strong and is expected to continue rising above 71000. The low points during the pre-election washout may be relatively high. If Trump successfully takes office, the coin price will enter a stronger bull market phase and may break the previous high of 73880.

However, despite the enticing rise, the uncertainty of market volatility also raises caution. Because if the price rises too high, the losses during the washout may be more severe. Therefore, we should maintain a cautiously optimistic attitude, stabilize our mindset, manage our funds well, and avoid being overly aggressive.

From the current market perspective, after a slight correction during the afternoon, the Bitcoin price has stopped falling near 70800. After some fluctuations, it is expected to approach the 71000 threshold again and shows signs of stabilization. However, resistance points above, such as 72100, 72900, and the historical high of 73880, all constitute pressure. The bottom resistance point is relatively far away, which means that the range for market consolidation may be quite large.

From the four-hour chart, the K-line continues to rise above the upper track, with few opportunities for pullbacks and corrections. This strong momentum may continue in the short term, and the real bull market will arrive when the Bollinger Bands correct and an upward channel is formed. In the current situation, it is not advisable to be overly aggressive; a pullback to look for a rebound is a more prudent approach.