Bafang | BTC Morning Market Analysis 10.31
Data as of: 10.31, 08:33 Beijing time
First, last night. U.S. stocks closed badly: Nasdaq -2.86%, S&P 500 -1.82%, and Intel fell 28.58% in a single day.
Bitcoin didn’t collapse along with them. It rebounded to 78,088 at 11 p.m., dipped to 76,265 at 2 a.m., and is now around 77,230, up just 0.26% over 24 hours. Basically, it spent the whole night swinging back and forth without picking a direction.
This is what I’m paying more attention to 👇
The long/short account ratio was 2.49 at 8 p.m. last night and reached 2.92 by 8 this morning.
More and more people are going long as prices fall, while the funding rate is still positive at 0.01%.
With retail traders so crowded on the long side, it may actually be harder for prices to rise in the short term.
📉 $BTC daily chart
RSI is 33.4, and the MACD histogram is -1,054, widening from -939 last night.
Price is still below the Bollinger lower band at 77,560.
AHR999 is 0.41, a zone for long-term dollar-cost averaging, but there’s still no sign of a short-term bottom.
$ETH 2,245, daily EMA200 is at 2,250; it’s just shy of reclaiming that level, and RSI at 28.8 is still oversold.
$SOL 96.2 is up 3.47% today, right at the Bollinger lower band of 96.15.
🎯 Key levels for today
Resistance: 77,560 / 78,088 / 78,800
Support: 76,265 / 74,820 (daily EMA200)
Outlook: Choppy with a bearish bias. U.S. markets are closed for the weekend, so there’s no external guidance. Most likely, price will chop between 76,265 and 78,088. The official target for withdrawals to resume is Sunday, but it hasn’t been formally implemented yet. I don’t think large investors will rush in before that happens.
Bafang’s view: I’m not chasing today. I’ll consider following with a small position if price reclaims 78,088; if it breaks below 76,265, I’ll wait for around 74,800. Weekend liquidity is thin and wicks are common, so keep positions small.
This weekend, do you think BTC will test 78,088 first or break below 76,265 first?
(Personal opinion only; not investment advice)
#BTC #行情分析 #WeekendMarket
Data as of: 10.31, 08:33 Beijing time
First, last night. U.S. stocks closed badly: Nasdaq -2.86%, S&P 500 -1.82%, and Intel fell 28.58% in a single day.
Bitcoin didn’t collapse along with them. It rebounded to 78,088 at 11 p.m., dipped to 76,265 at 2 a.m., and is now around 77,230, up just 0.26% over 24 hours. Basically, it spent the whole night swinging back and forth without picking a direction.
This is what I’m paying more attention to 👇
The long/short account ratio was 2.49 at 8 p.m. last night and reached 2.92 by 8 this morning.
More and more people are going long as prices fall, while the funding rate is still positive at 0.01%.
With retail traders so crowded on the long side, it may actually be harder for prices to rise in the short term.
📉 $BTC daily chart
RSI is 33.4, and the MACD histogram is -1,054, widening from -939 last night.
Price is still below the Bollinger lower band at 77,560.
AHR999 is 0.41, a zone for long-term dollar-cost averaging, but there’s still no sign of a short-term bottom.
$ETH 2,245, daily EMA200 is at 2,250; it’s just shy of reclaiming that level, and RSI at 28.8 is still oversold.
$SOL 96.2 is up 3.47% today, right at the Bollinger lower band of 96.15.
🎯 Key levels for today
Resistance: 77,560 / 78,088 / 78,800
Support: 76,265 / 74,820 (daily EMA200)
Outlook: Choppy with a bearish bias. U.S. markets are closed for the weekend, so there’s no external guidance. Most likely, price will chop between 76,265 and 78,088. The official target for withdrawals to resume is Sunday, but it hasn’t been formally implemented yet. I don’t think large investors will rush in before that happens.
Bafang’s view: I’m not chasing today. I’ll consider following with a small position if price reclaims 78,088; if it breaks below 76,265, I’ll wait for around 74,800. Weekend liquidity is thin and wicks are common, so keep positions small.
This weekend, do you think BTC will test 78,088 first or break below 76,265 first?
(Personal opinion only; not investment advice)
#BTC #行情分析 #WeekendMarket