October 31st Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
BTC continued its pullback yesterday. The market didn't react significantly to the Fed's 25 basis point rate cut. The 4-hour chart still needs correction, while the daily chart shows a recovery with weakening downward momentum. Watch for a potential stabilization. Expectations for a December rate cut are diminishing, and the weekly chart remains relatively healthy.
Bitcoin (2) followed BTC(1) pullback, and the 4-hour chart still needs adjustment, while the daily chart is also undergoing correction.
Altcoins are following the mainstream trend and experiencing a pullback. Wait for altcoins to stabilize before making a move. Binance has been offering frequent events lately, including Alpha Points promotions; you could farm your points and potentially get some freebies.
Today's highlights:
BTC is below the healthy range on the 1-hour and 4-hour charts, and also below the healthy range on the daily chart. Intraday consolidation and correction are expected, with support at 107,000-108,000 and resistance at 111,000-111,500.
ETH is below its healthy range on both the 1-hour and 4-hour charts, and also on the daily chart. A consolidation/correction phase is expected today, with support at 3700-3750 and resistance at 3950-4000.
