Tonight at 4 AM, there are still two 15-minute minor lines that haven't been completed,
Bitcoin accelerated to try to touch 70000 but failed, reaching around 69960. Tonight, the bulls are strong! The gradual rise is indeed a real increase, continuing my bullish view from last week. Last week, I felt that Bitcoin definitely had to touch 70000, but that doesn’t mean it can effectively stabilize and push higher! Currently in a pullback! It has reached around 69631! There might be a continuation of bullish sentiment above 70000 for a short while, but in the past few days, if you can stay put, don't move! The market can change in an instant!
The reasons need not be elaborated, but there are several objective factors supporting the fundamentals:
a. Halloween in the West is coming on the 31st, and the last day of the month typically sees violent fluctuations with immense trading volume, a high-frequency trading period!
b. Japan's interest rate hike drama!
c. The US election on November 5, will Trump get what he wants?
By examining these three points closely, one would realize that the trend shouldn’t just go up and not come down, or go up and keep exploring upward without limits! There will definitely be a pullback, even a noticeable daily level correction! This is necessary to provide momentum and power for the anticipated bull market in the last two months of this year!
Let me ask everyone, whether retail investors or capital players, under what conditions would new funds want to enter the market?
1. Cheap (capital)
2. Breaking previous highs, having potential, the bull is coming (retail investors)
The main players are very concerned about what the retail investors think, while the retail investors are not concerned about what the main players do!
No breaking, no standing! How to continue pulling without adjustment? What’s the meaning of the pull?
I believe the above two factors have reference significance!
Currently, it looks like
Upper pressure at 70000
Lower support at 68000
So my prediction is that after touching 70000 tonight, there will be a trend of pullback, likely a noticeable retreat on the 31st! Additionally, Japan's interest rate hike is causing capital to flow back, not only in the crypto circle but also in all financial circles — a significant blow! Moreover, the possibility of this rate hike is not small, regardless of whether the news is good or bad, it may just be to better influence the market alongside the main players, thereby controlling market rhythm and sentiment to achieve profit!
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