This week is a week of significant market fluctuations. The market direction for the next month or two may be fundamentally set this week. Tomorrow is the U.S. election, and Thursday is the Federal Reserve's interest rate meeting. The election will definitely impact the short-term market, and volatility will increase. However, looking at the long term, whether Trump or Harris is elected, the market will follow its original trend, and there will be no significant impact on BTC! Much of the talk is just noise; the means of getting into office are just that!
During the weekend, BTC continued to decline with slight volume, dropping to around 67,500 at its lowest. This round of adjustment is related to the upcoming election, and it's still tense; it's hard to judge who has a higher chance of winning. Currently, the 4-hour level adjustment is approaching completion, and a 4-hour low divergence has formed. An intraday rebound is expected. It's recommended to be cautious and observe for a day, and consider entering after there are clear signals from the election!
Compared to BTC, the ETH exchange rate continues to decline, causing most altcoins to head towards new lows. Yesterday, ETH dipped to around 2410, and many altcoins have basically retraced their recent gains. Currently, altcoins are like roller coasters, rising quickly and falling even faster. At this stage, don’t think about the overall situation; timely staggered profit-taking is the key!
When will the election results be announced?
According to legal regulations, the voting day for the U.S. election is the first Tuesday after the first Monday in November!
For example, this year it is November 5. Generally speaking, the election results can usually be calculated based on the election results from various states on the day of voting or the next day.
In other words, unless there are special circumstances, the earliest we will know the results of this election will be on November 6, Beijing time!!
The elected President and Vice President of the United States will be inaugurated on January 20, 2025.
With the election approaching, opportunities in the crypto space that need attention at this stage!
The three coins that are most worth paying attention to:
BNB
BNB also retreated along with BTC. There’s nothing special about the market situation, but overall it has withstood the market's test better than altcoins, with smaller fluctuations. In the past half month, the exchange rate of BNB against BTC has decreased significantly, which mainly indicates that all coins need to gain momentum after BTC chooses a direction. The operational strategy is still to build positions on dips, and orders can be placed around the 500 level!
After Binance underwent U.S. regulatory scrutiny, it proved that there was no misappropriation of user funds. CZ also confirmed this after coming out, and Binance will have a fresh start.
Therefore, conducting research is extremely important before starting staking or investment in a project, and understanding the 'components' of a project will play a decisive role in whether it can make money later.
ORDI
ORDI, as the leader of the inscription sector and the first inscription, has the first-mover advantage, with a large layout from the market maker. The last high point has not been offloaded, and the dragon of inscriptions strongly follows BTC's trend, with the consensus among small coins deeply ingrained.
This wave of Bitcoin hasn't finished its surge, and funds are still waiting to push Bitcoin higher. Once BTC reaches the target level, large funds will flow out of BTC and into altcoins. But undoubtedly, the inscription sector will definitely be the first to ignite at that time! This has already been confirmed multiple times in previous surges; this bull market will definitely have a place for inscriptions, and it will be front and center!
The recent market has been unpredictable. As the election approaches, various information and predictions regarding Harris and Trump are confusing the market. At least it appears that Trump's advantage is not significant, so the crypto market has begun to decline in advance to prevent any issues. The entry position for ORDI can be set in the range of 26-28!
BOME
After BOME went live on Binance on March 16, its price skyrocketed to a peak within three days, but it was just a flash in the pan. Since then, BOME's price has been on a slide like a slide, never returning to that high point. When we compare BOME with other meme coins, you'll find that BOME is simply 'light speed'. SHIB took a year to get onto Binance, BONE took half a year, PEPE took two months, WIF about a month, and BOME? Three days, that's right, just three days! With such speed, it’s anything but ordinary; it’s simply the 'god of all coins'.
Furthermore, due to the poor performance of VC coins, those so-called 'VC coins' have plummeted even further. The current market sentiment is still focused on the hot spots of the MEME sector for a simple reason: MEME coins are fully circulated, have small market caps, and are easy to speculate on; while projects incubated by institutions generally have high market caps and significant circulation, with continuous unlocking that funds are unwilling to speculate on.
BOME will still maintain a bearish trend before the election results are announced. The last support at 0.008 has also been broken, and it has not rebounded yet. The overall volume and price are weak, so in the short term, we will look at the previous support at 0.006. You can place an order around this level of 0.006!
