Zhou Yanling: 10.31 Bitcoin BTC and Ethereum ETH Latest Trend Prediction Analysis and Trading Strategy
The Federal Reserve has lowered interest rates by 25 basis points as expected, but what surprised the market was that Powell released an extremely hawkish signal, stating that "a rate cut in December is far from a done deal," which directly caused the market to collapse. U.S. stocks fell sharply from high levels, the dollar rose, and the cryptocurrency market also plummeted, with the tapering of asset purchases postponed until December. As a result, the market has temporarily tightened expectations for a rate cut in December, meaning that the rate cut expectations have temporarily fallen through. However, there is still more than a month until mid-December, and with fluctuations in data during this period, expectations are likely to heat up again, so there is no need to be overly pessimistic.
From a technical perspective, the daily chart for Bitcoin shows a continuous downward trend recently, forming multiple bearish candles, indicating an overall weak pattern. Yesterday's candlestick had a long upper shadow, indicating heavy selling pressure above. On the hourly chart, the price is oscillating around 108,000, with lower lows gradually forming. The MACD indicator on the hourly chart is in the negative zone, with both DIF and DEA diverging downwards. The momentum bars are shrinking but remain green, indicating a clear bearish trend. The RSI on the hourly chart is at 36.95, close to the oversold zone, but has not yet entered a strong rebound signal; the daily RSI remains below 40, indicating weak market sentiment. The EMA on the hourly chart shows a bearish arrangement for the 7, 30, and 120 moving averages, with the EMA7 being quite far from the current price, indicating significant short-term pressure; the daily EMA also shows a bearish arrangement, with the EMA30 posing considerable resistance to the price. In the short term, the cryptocurrency price is weak but close to a key support level, so the trading strategy for the day can focus on short positions during rebounds, with long positions as a supplement.
Zhou Yanling's 10.31 Bitcoin Trading Strategy:
Short at 109600-108800, stop loss above 110600, target 106800-106000, continue to look for a decline towards around 104500.
Long at 104500-105300, stop loss below 103500, target 106700-107500.
Zhou Yanling's 10.31 Ethereum Trading Strategy:
Short at 3840-3800, stop loss above 3900, target 3680-3630.
Long at 3630-3670, stop loss below 3580, target 3750-3800.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
The content of this article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years, currently mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. The author has a solid theoretical foundation and practical experience, excels in combining technical and news-based operations, emphasizes capital management and risk control, and is recognized by many investors for a stable and decisive trading style, along with a friendly and responsible personality.
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