In the past two days, Bitcoin has retraced the previous surge, and many in the market are bearish. However, this may actually be a normal reaction to Trump's potential loss. The election of the president does have an impact on the market, but it is not so extreme. Even if Sister Haha were to be elected president, it might not affect Bitcoin's future trends significantly, at most leading to short-term bearishness, which does not meet market expectations. However, the rate-cutting cycle is still ongoing.
If Trump is elected, it would be a bonus for Bitcoin, in conjunction with the rate-cutting cycle.
The market's early reaction this time is normal and reflects a healthy trend.
After all, a market with differing opinions can sustain an upward trend longer.
This round of daily trading has seen a moderate decline, temporarily halting near the Bollinger Bands around 68,700.
The first support level is between 67,500 and 68,000.
The second support level is around 65,000, which has been tested multiple times and is recognized as a major support level by both the main players and the retail market.
The third support level is around 60,000 to 59,500. This doesn't need much explanation; the last time we recommended going long at 60,000 was based on strong support tested multiple times.
The upper resistance level is around 69,000, a historically significant resistance level. Even though the current upward momentum has been retracted, there has not been an effective breakthrough below.
If the weekly line stabilizes above 69,500 this week, it indicates a strong bullish trend.
This contract recommendation direction - Long.
Reason: The lower support level has been effectively tested by the main players and the retail market, and the bullish momentum remains unchanged. Support is found near 68,000.
Entry point: Aggressive entry point around 68,400 for long positions, and add to the position at 67,900. Stop loss at 67,400.
Conservative entry point: Entry point around 66,700, with stop loss around 65,600.