Master Translator Discusses Hot Topics:
Come, come, come, today the master translator will first talk about the major events that we small retail investors all think are worth paying attention to. Tomorrow is the decisive moment of the 2024 US presidential election, and the results will be announced at 6 pm Beijing time on the 6th. Now Harris and Trump each have 49% of the support, the swing states are really swinging, and the election situation is dizzying.
Today, it was reported that Harris was narrowly leading, and then it was reported that Trump had locked in the victory in advance. Speaking of which, this election is almost like guessing a riddle - you never know who will come out and say guess who I am.
The rumors of election fraud in Pennsylvania are overwhelming, and now it all rests on the courts: acknowledge those interesting ballots, or just invalidate them? If Pennsylvania turns red, the Republicans will make a comeback; but if Pennsylvania turns blue, the Democrats will probably breathe a sigh of relief.
But when it comes to betting, just look at the odds in the US gambling market and you'll understand: Trump's odds are soaring, while Harris's are on the floor, and the bookies and retail investors are all buying Trump, after all, no one wants to go against their own wallet.
Harris's moves are also puzzling, she just announced that this is her "last campaign speech". Please, she hasn't even been elected yet, how can she start "farewell"? This "feigning weakness to gain strength" seems profound, but it's actually the "emperor's new clothes", isn't it?
Plus, her differences with Biden are becoming more and more public, and Biden's inner OS: why did I nominate her in the first place, now I'm regretting it. Now that Biden and Harris have split up, with their own people tearing each other apart, Biden is directly issuing a stern warning: "Trump supporters are all trash." You think this is for Trump to hear? No, this is aimed at Harris, trying to roast her, the old man has a lot of tricks up his sleeve.
When Trump heard Biden's "trash theory", he immediately put on a sanitation worker's uniform, drove a garbage truck onto the stage, and put on an act of "I'm the people's representative", winning the favor of the voters - Trump is an old hand, seizing the opportunity to counterattack, leaving Harris nowhere to stand or sit. Harris came out to oppose the criticism of the voters, but it was too late, the enemy's morale was greatly boosted.
In short, the Democrats are extremely depressed right now: the Pennsylvania court doesn't buy it, Biden and Harris are killing each other, no one in the party can take over, and Trump is attacking one after another. If Trump wins, the Republicans who have been suppressed for the past four years will launch a full-scale counterattack, putting the Democrats on the ground and "educating" them from all angles, this hard time may have just begun...
Speaking of Bitcoin and Ethereum, the master translator is still optimistic about the medium and long-term shorts, and the raging bull market will eventually fade away. Of course, with the election and the Fed's rate cuts, there is no exclusion of short-term rallies or even new highs, and the big players and main forces will most likely also react to the market in advance.
So when there is news-driven volatility, there will not be a standard bull-bear trend for you to enter, but a situation of both bull and bear killing.
First, Bitcoin has had 6 consecutive daily declines, and the weekly K-line has retreated after a surge, not even reaching a new high, showing a downward trend. In addition, Ethereum and Altcoins have mostly been bloodbathed, creating lower highs and lower lows. In contrast, Bitcoin has appeared to break out again, while Ethereum remains unchanged.
So Bitcoin's market cap dominance will accelerate its upward trend, and may form a top in December. As for the master translator personally, whether Ethereum can stand firm at 2820 is also the watershed of the bull-bear market.
Some fan friends don't understand, and even question the relationship between the bull market and Ethereum. What the master translator wants to say is that Ethereum represents the trend of Altcoins, and if the bull market is to be fully launched, Ethereum must break through, otherwise it will only be a solo performance of Bitcoin.
Remember that on October 30th, Bitcoin almost touched its all-time high, and Ethereum also stood at 2700. In the market, all kinds of "masters" were shouting that the Altcoin season was about to come, and Ethereum must make up for the rise.
But the master translator said at the time that before Ethereum stood firm at 2820, do not touch Altcoins. Now the result is in front of us, ETH and Altcoins have fallen below the previous lows, a complete collapse. Time will prove everything, not just shouting every day that the meat is ready to eat, it's still the master translator's words, you haven't even said whose meat you're going to eat...
Master Translator Looks at the Trend:
Yesterday, the master translator pre-placed a long position around 68,000-68,400, and the market gave the entry point in the afternoon yesterday and reached the first target of 69,100, while the pre-placed short position did not enter as the market did not reach the position.
With the outflow of funds from the Bitcoin spot ETF and the approaching US election, the market is maintaining a wait-and-see attitude within a certain range.
Due to the increased uncertainty brought by the election, the ETF has seen capital outflows. Although the price has fallen somewhat due to the uncertainty, the market's expectation for a short-term rise in Bitcoin still exists.
Currently, we need to pay attention to the downside space during the day and look for suitable entry opportunities.
Resistance levels reference:
First resistance: 68,300
Second resistance: 69,000
Support levels reference:
First support: 67,800
Second support: 66,700
Today's trading suggestions:
In the short term, you can pay attention to the sequential breakthrough of the 120, 20, and 60-day moving averages, and see if the support level formed can be maintained. Even if the price returns to the first resistance level, there is still resistance above. Currently, it is still in a downward trend, and if the price touches 69.2K, it may gradually test the resistance.
So at the current 68K level, it is better to retest, and if the price does not fall as expected, pay attention to the technical rebound and look for entry opportunities.
The reason for maintaining a two-way analysis is that the current candlestick chart has many long lower shadows, and the trend is still downward, and the trend has not yet reversed. Therefore, the master translator suggests adjusting the position flexibly.
11.5 Master Translator's Swing Trading Presets:
Long entry reference: If it firmly stands above 71,800, go long directly and look for a unilateral upward trend
Short entry reference: 70,500-70,800 area short, defend 71,200, target: 69,000-68,300
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