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The new week has begun, and there are two important events this week that I will discuss in detail.
There are two main focuses this week
First is the upcoming US presidential election, and the other is the much-anticipated Federal Reserve's interest rate decision to be announced in the early hours of the 8th. The market generally expects Harris to potentially succeed, which has raised concerns about the currency trend. Many analysts and investors believe that if Harris takes office, the currency price may face downward pressure. Therefore, the recent market performance has already reacted to this, with the market continuing to decline.
However, regardless of who ultimately takes office, this does not mean that the entire industry's development will stagnate. We should recognize that this is only a short-term impact on the large-cap digital assets. For the long-term development of the market, these political events are just passing clouds. During this period, I suggest that everyone remain cautious before the election results are announced, observe more and act less, and try to avoid large-scale transactions as much as possible. The market environment this week may be full of variables and should be approached with caution.
Analysis of the trend of BTC
Last week's weekly close was not ideal. Although there was an upward momentum, it ultimately failed to break through the previous high and was subsequently suppressed, leaving a long upper shadow. This can be interpreted as a false positive pattern, indicating that the main capital has begun to withdraw from the safe-haven. The recent decline has been driven mainly by the trading behavior of small retail investors, so at the current price, BTC is more suitable for short-term fluctuation operations rather than long-term holding.
For today's market, I have provided detailed point analysis for you. Taking $BTC as an example, today you need to pay attention to the 68550 level. If this level can be firmly held, the bulls may rise within 1/2 hour, and the upside target/resistance levels will be concentrated around 69480-70300-70980. On the other hand, if it fails to break through this level and falls below 68550 today, the 1/2 hour upward rebound may fail, and the market may continue to decline, with the downside support levels focusing on 68055-67445-66630.
Trend analysis of $ETH and $SOL
$ETH Ethereum rebounded strongly after touching the first support level at night, and is currently rushing directly to the second resistance level. Today, pay attention to the 2461 level. As long as it stands firmly above this level, there will be a strong rebound at the 1/2 hour level, with the upside target/resistance levels around 2495-2523-2555. (If it stands firmly above 2523, the daily line will start to rebound)
If it fails to go up today and falls below 2461, the 1/2 hour rebound will fail, and it will continue to fall, with the downside support levels around 2436-2412-2381. #ETH trend analysis
$SOL SOL started rebounding at night and has just precisely reached the vicinity of the first resistance level. Today, pay attention to the 162.3 level. As long as it stands firmly above this level, there will be a strong rebound at the 1/2 hour level, with the upside target/resistance levels around 166.3-168.6-171. (If it stands firmly above 168.6, this wave of daily line-level correction will end)
If it fails to go up today and falls below 162.3, the 1/2 hour rebound will fail, and it will continue to fall, with the downside support levels around 158-154-150.
In general, the market this week is full of variables and challenges. My suggestion is to continue to closely monitor the key levels and market reactions mentioned above, and be prepared to respond to various possible scenarios. At the same time, reasonable allocation of funds and strict setting of stop-loss levels are also important measures to ensure investment safety. Finally, I hope everyone can achieve satisfactory returns in this new trading week!
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