It's much clearer now! I will start with an overview of my viewpoint:
Let's look at the US election, it's about to settle down! Many media outlets' vote counts show Trump has won! However, the latest election results from the Associated Press (AP) have not been fully released yet! Currently, it's 224:267, Trump is just 3 votes away from 267! But why do we have so many positive news coming in, and most people in the market are shouting that the crypto market is about to soar, yet why have we still seen such a significant drop in the 15-minute timeframe?
Looking at Bitcoin: $BTC
First, the phenomenon that good news completely priced in becomes bad news is always repeatedly validated in the crypto market!
Second, during the election process, Trump has consistently maintained a lead in votes and has never been overtaken, which has raised market expectations! There was a strong breakout to around 75654! This is the power of sentiment; after the sentiment peaks, do retail investors not take their profits? Right? Therefore, a pullback is definitely inevitable.
Third, the liquidation positions for bulls and bears are very clear. The profits from the bulls' explosion are definitely more lucrative compared to the bears' profits right now. Americans do not elect a president every day, nor do we always have such a favorable overall market sentiment supporting the crypto market. The positions for both sides have never been so clearly arranged, so what direction will the main forces choose?
In my understanding, the rational direction at this critical moment is definitely to head south, not north!
Current resistance and support
4-hour level resistance: basically none, if there is, it would be the previous high of 75654
4-hour level support: 68081
1-hour level support: 69616, 67613, 65504, 62367, 59626
Support in a trending market is meant for testing and breaking through!
Never hold onto the belief that it can hold; anything can happen!
The first three support levels above also match with high leverage liquidation points. How today goes, we still need to wait for the market to unfold! Providing this as a reference for my good brothers! Good luck to everyone!
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