The U.S. presidential election countdown is 13 days. This year, the former U.S. president and Republican presidential candidate Trump, who has publicly supported cryptocurrencies multiple times, has seen his winning probability rise to 64%, expanding his lead over Democratic candidate Harris, whose probability has dropped to 35.9%. This is a new high for Trump since Biden withdrew from the race in late July.

Regarding cryptocurrencies, after Bitcoin peaked at $69,546 yesterday morning, selling pressure began to emerge. Late last night, it briefly fell below $67,000, and around 8:30 this morning, it again plunged close to the $66,500 level, quickly breaking below the low of October 17 and pulling back, causing many investors to be washed out. As of the writing time, the price is $67,325, down 2.45% in the last 24 hours. Currently, Bitcoin's upward trend seems to show signs of interruption. Is this just a brief pullback, or is the main player trying to cut a wave of retail investors when market sentiment is high, only to pull back during the U.S. election?

Bitcoin 4-hour chart

First, based on the Bollinger Bands indicator in the 4H level chart of Bitcoin, the current price is hovering near the middle band, having previously touched the upper band in the overbought zone multiple times but then experienced some pullback. The middle band of the Bollinger Bands usually serves as a support or resistance level; if the price continues to stay below the middle band, it will indicate further pullback pressure. Currently, the opening of the Bollinger Bands is gradually narrowing, indicating that volatility is decreasing and the market will be in a consolidation phase.

Secondly, based on the MACD indicator in the 4H level chart of Bitcoin, the distance between the DIF line and DEA line is gradually narrowing. If it continues to converge and forms a death cross, it will be a bearish signal, and the price will further decline. The MACD histogram is also showing a transition from red to green, indicating that bullish strength is weakening and bearish strength is strengthening.

Finally, based on the KDJ indicator in the 4H level chart of Bitcoin, the K line value and D line value are showing a downward turn in the high overbought zone, and the J line value is significantly decreasing, having already moved down from the overbought area, indicating that short-term prices may experience a pullback. If the subsequent KDJ three-line values form a death cross signal at high levels, the price will further decline.

Bitcoin 1-hour chart

First, based on the Bollinger Bands indicator in the 1H level chart of Bitcoin, the price is currently between the middle and lower bands, and the Bollinger Bands are slightly expanding, indicating increased volatility, and the price may continue to drop. The support near the lower band is crucial; if the price breaks below the lower band, there may be further downside potential; if the price can rebound above the middle band, the market may regain bullish sentiment.

Secondly, based on the MACD indicator in the 1H level chart of Bitcoin, the green histogram of MACD is gradually shortening, indicating a weakening of bearish strength, and there are signs that the DIF line and DEA line are forming a golden cross upwards. If the golden cross is confirmed, it will indicate a bullish signal in the short term, and prices are expected to rebound. However, if the golden cross fails to form, the bears will continue to dominate.

Finally, based on the KDJ indicator in the 1H level chart of Bitcoin, the K line value and D line value are currently crossing at a low level, forming a golden cross signal, while the J line value has started to rise from the low, indicating a signal of an oversold rebound. A wave of rebound is expected in the short term.

Comprehensive analysis shows that Bitcoin in the 4-hour chart displays some pullback pressure following a previous rise, with both MACD and KDJ indicating some bearish signals. Bitcoin in the 1-hour chart shows short-term oversold rebound signals, with KDJ and MACD indicating possible rebound signs, but the opening of the Bollinger Bands is still widening, suggesting that the market still faces some downward pressure. Therefore, the upcoming market may experience a brief rebound before facing further downward pressure.

In summary, Master gives the following suggestions for reference.

Short Bitcoin at 67,600-67,800, target 65,800-65,500, stop-loss at 68,200.

Instead of giving you a hundred percent accurate advice, it's better to provide you with a correct mindset and trend. After all, teaching a person to fish is better than giving them a fish. Suggestions can help you earn temporarily, but learning the mindset can help you earn for a lifetime! Focus is on the mindset, grasping the trend, and planning your positions. What I can do is use my practical experience to help everyone, guiding your investment decisions and business management in the right direction.

Writing time: (2024-10-22, 19:50)

(Written by - Master Says Coin) This is to declare: There is a delay in online publication, and the above suggestions are for reference only. The author is dedicated to researching and analyzing investment fields such as Bitcoin, Ethereum, altcoins, forex, stocks, etc., having been involved in financial markets for many years, with rich practical experience. Investment carries risks; proceed with caution. For more real-time market analysis, please follow the official account Master Says Coin for discussion and exchange.#美国大选前行情观察