However, you can see that this week’s candle is not too big compared to the previous bearish candles. => This buying force has not completely confirmed that the last price area is the bottom of Bitcoin at this stage.
Besides, the weekly sideline has a rather large margin, and we need to wait for the price to retest the upper resistance areas of 22,600 and 24,700 to determine the future trend for sure.
The presence of the current inside bar pattern on D1 of #BTCUSDT is quite sensitive, as it is located around the upper boundary of the range. If breaking down this inside bar , the whole inside bar cluster will become a bull trap – inclined to push the price down sharply again. Conversely, a breakout of the inside bar could push #BTCUSDT up to the strong overhead resistance area . We will wait for the breakout – breakout – of this inside bar pattern before guessing the next direction for #BTCUSDT considering D1.
Volume during this period is steadily decreasing, confirming cumulative price behavior in terms of volume .
Thus, at this stage, you should not go long fomo but should wait or take profits, at least ½ of your long positions, then set stoploss to draw.
Along with Bitcoin’s momentum, BTC .D also quickly bounced strongly from support. After that, BTC .D dumped and thanks to that, the capital flow was transferred to pump other Altcoins. If BTC can sideway or increase, Altcoin will grow even better in the near future. However, as stated above, at this stage I will wait, not buy more.
But everything is only affected in the short term by market sentiment. In fact, it is important for the Fed to speak on monetary strategy and policy in the coming months.
If the Fed said the Fed would raise it next month by 0.75%, it would now be 4%. And if the Fed’s plan is to reach 4.75%, then in December we will only need to increase it to 0.5%, then in 2023, increase it by 0.25% and then stop it. Even more negative, December increased 1 circuit by 0.75%, then 4.75%, there is no difference anymore. If everything has a clear strategy like this, the market will be better, investors, large funds will be clear to be able to confidently return to the market.
But the scariest thing is the ambiguity. If the Fed continues to say in the familiar fashion of: “We will continue to observe, some of the up and down indicators do not say anything, so we will continue to raise interest rates until inflation has a really clear sign of decline.” The Fed needs clarity, so everything we see is a blur, which will make the market fuzzy again, panicking and plugging in.
So on November 2 next week, or November 3 at 1:00 – 1:30 a.m., the Fed’s three rate hikes will only affect prices for about 30 minutes. And then it is the Fed’s clarification of its policy that will determine the trend in the coming days. So really, how much the Fed increases is not as important as whether the policy is clear or not.
Checkout latest world news below links :
World News || Latest News || U.S. News
The post BITCOIN ANALYSIS TODAY (October 31) for BINANCE:BTCUSDTPERP by FomoNews appeared first on WorldNewsEra.