Daxian Talks About Coins: With the US presidential election on October 30 and war risk aversion, Bitcoin is just one step away from reaching its all-time high!

The US will hold the presidential election on November 5, and the situation in the swing states is difficult to predict, increasing market instability and prompting investors to turn to cryptocurrencies and gold as safe-haven assets. At the same time, since October last year, the Middle East region, Israel has had conflicts with Hamas, Iraq, Lebanon and other surrounding organizations or countries, and the two-year Russia-Ukraine war has not yet ended. Against the background of the regionalization of wars towards internationalization, the safe-haven value of cryptocurrencies and gold has gradually increased. The expected interest rate cut in November has also driven the rise of cryptocurrencies and gold as safe-haven assets. The market expects a 99% probability of a 1% rate cut in November and a 1% probability of no rate cut. Since cryptocurrencies and gold themselves do not generate interest, a rate cut will reduce the cost of holding safe-haven assets, thus increasing their attractiveness to investors. In terms of cryptocurrencies, Bitcoin has experienced a volatile downward trend in price since reaching a historical high of $73,880 in March this year, with the lowest point reaching around $48,000. However, with the Federal Reserve's interest rate cut, the approaching US election day, and investors' optimistic sentiment about a generally rising market in October, Bitcoin's price broke through $72,500 around midnight today and reached a high of $73,660 at 3 o'clock, just $250 away from the historical high! However, selling pressure then emerged, and as of the time of writing, the price is quoted at $72,245, with the 24-hour gain narrowing to 3.6%. According to the 4-hour chart of Bitcoin, the price has clearly broken through the upper Bollinger Band and extended upwards, indicating that the market is in an overbought state, which is generally accompanied by a certain degree of correction pressure. The distance between the upper and lower Bollinger Bands has clearly widened, indicating increased volatility, and the market may continue to maintain relatively strong volatility going forward. According to the 4-hour chart of Bitcoin, the K-line value and D-line value have become blunt at high levels, and the J-line value is in the high overbought area, indicating that the market has certain correction demand. In addition, the three KDJ lines have formed a death cross signal at high levels, further confirming the possibility of a short-term correction. According to the 4-hour chart of Bitcoin, the DIF line and DEA line are both running above the 0 axis, and the MACD red histogram is gradually shortening, indicating that the upward momentum is gradually weakening. If the DIF line crosses below the DEA line to form a death cross signal, and the MACD red histogram continues to shorten or turn green, it may mean that the trend will enter a correction phase. According to the 1-hour chart of Bitcoin, the price is running near the upper Bollinger Band and has broken through the upper band multiple times, indicating that the market is in an overbought state. Although the current price has fallen back slightly, it is still running above the middle band. The large distance between the upper and lower Bollinger Bands indicates increased volatility, and there may be a correction in the short term. According to the 1-hour chart of Bitcoin, the K-line value and D-line value have retreated from the overbought area and are showing signs of crossing around 50, and if the K-line value crosses below the D-line value to form a death cross signal, the possibility of a correction will increase. According to the 1-hour chart of Bitcoin, the DIF line and DEA line are running above the 0 axis, but the MACD red histogram has started to shorten, indicating that the upward momentum has weakened to some extent. If the DIF line crosses below the DEA line to form a death cross pattern, it will further confirm the correction signal. In summary, the current market is in a high-level overbought area, and various indicators show relatively strong correction signals. In the short term, Bitcoin has certain correction pressure, but the overall trend remains strong. In summary, the Immortal Wizard gives the following suggestions for your reference: Long Bitcoin at 71,300-71,500, with a target of 73,300-73,500. Break above 73,900 and defend 71,000. Rather than giving you a 100% accurate recommendation, I would like to provide you with the right mindset and trend. After all, it is better to teach someone to fish than to give them a fish. The focus is on the mindset, on grasping the trend, on the layout of the market and position planning. What I can do is use my practical experience to help you, so that your investment decisions and business management are on the right track. Writing time: (2024-10-30, 19:20) (Article - Immortal Wizard Talks Coins)