October 29th Bitcoin and Ethereum Market Analysis: Key Points for Today (BTC & ETH)
Market Review
BTC saw a slight pullback yesterday, with the 4-hour chart showing a slight recovery but still needing further correction. The daily chart is in a warming phase, with downward momentum weakening; watch for a potential stabilization. The expectation of an interest rate cut remains unchanged, and further positive factors persist. The weekly chart remains relatively healthy.
Bitcoin (2) followed BTC) pullback, and while the 4-hour chart shows a slight recovery, it still needs consolidation and repair. The daily chart is also in the process of repair.
Altcoins are consolidating in tandem with mainstream cryptocurrencies, and the altcoin index is showing a slight recovery. It's advisable to wait for altcoins to stabilize before making any moves. Binance has been offering frequent events recently, including ongoing Alpha Points promotions; consider accumulating points to potentially earn 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 111,500-112,000 and resistance at 115,000-116,000.
ETH is below its healthy range on the 1-hour and 4-hour charts, and also below its healthy range on the daily chart. Intraday consolidation and correction are expected, with support at 3900-4000 and resistance at 4100-4200.
