Market update on November 4

BTC has undergone a deeper correction of over 6,000 in the past weekend. Currently, there is a price support around the range of 67,500 - 67,800.

Most time frames indicate a bottom formation around this area.

In the worst-case scenario, the price will return to retest the range of 65,800 - 66,000 before continuing its upward trend (golden line). However, in an optimistic scenario, BTC will rise from here.

This week the strongest news will be related to the elections, and it is highly likely that the price will kill both ends. MGS Trading recommends that everyone reduce their volume to protect their assets.

Wishing you an effective trading week.