📈 Bitcoin is currently consolidating in the $75,500–$73,500 range. Strengthening is taking place within this range, so expect a 3–4% rise before the next decline.
💰 We have taken 70% profit on all our recent short positions. We will continue to hold the short positions opened at higher levels.
Short-term outlook:$BTC
Bullish, but watch the $73,500 level closely. A break below this level could open the way for the next decline toward $69,000.
Today, the U.S. is holding midterm elections. 🇺🇸 Control of Congress is at stake, and the outcome could affect stock, cryptocurrency, and bond prices, as well as the dollar exchange rate.
* <b>Republican victory:</b> fewer obstacles to cryptocurrency development, but interest rates and the dollar could rise. * <b>Democratic victory:</b> longer discussions about cryptocurrencies and deeper budget disagreements. * <b>Divided Congress:</b> passing important laws becomes harder, with greater uncertainty around funding. * <b>Uncertain or prolonged result:</b> short-term volatility until the situation becomes clear.
Don’t try to predict the first move. Manage your risks. 👊
💰🚨 Bitcoin has lost the 50-week exponential moving average (bull/bear market indicator). $BTC If it fails to climb back above this level, it could plunge to the 200-week exponential moving average, in the $69,000–$70,000 range.
The total cryptocurrency market capitalization in October was $2.59 trillion, marking a decline after the growth seen over the previous two months. The market structure remains stable: the long-term uptrend line that began at the 2018 lows and the 50-day moving average are both near $2.19 trillion. The RSI indicator also ended the month near 50, pointing to neutral momentum at the start of November.
Bullish scenario: holding above $2.19 trillion and returning to $2.80 trillion would open the way to $3.00 trillion and the highs of $3.60 trillion. Bearish scenario: a break below $2.19 trillion late in the month and a breach of the uptrend line could lead to a decline to $1.55 trillion.
Is October’s decline just a temporary pause in the broader uptrend, or the beginning of a deeper correction? #Binance