October 29 Market Analysis + encryption Interest Spread

❌Reject hindsight criticism❌

The risks brought to the cryptocurrency circle by the Federal Reserve turmoil are gradually approaching.

Last night's dual benefits of interest rate cuts + balance sheet reduction cannot compare to the non-salary reduction needle in December. If it was a false drop, the one-night recovery has not fully digested the needle, and the daily closing price is not good.

According to the closing price of the key points of BTC's trend reversal, any subsequent increases are treated as rebounds, with a high probability of ongoing adjustments, waiting for a daily level increase to define the daily level downward channel.

1⃣ #BTC The W-shaped pattern has been completely broken, weakening. Any rapid rise should be treated as a rebound from an oversold condition. To turn things around, it must surpass 116388.8( leopard number ). The strong support in the range of 113000-114000 no longer exists. It's time to decisively cut losses and reduce positions. The downtrend is still in place; any rise is merely a rebound for reducing positions.

2⃣ #ETH has shown a similar pattern to BTC and has deteriorated. For long positions consistent with BTC, it is advisable to reduce holdings at high points, as holding onto them poses greater risks. The resistance level is set at 4253.53(ABAB); whether there will be a reversal with further increases will depend on approaching this level, or it may hinge on the breakout from the descending channel.

3⃣ Market #BTC current key support level:

--BTC:
Wait for the drop to end before considering short positions. Wait for a rebound, take short-term long positions, and the long-term shorts haven't reached the target.
--ETH:
The strategy is consistent with BTC, waiting for opportunities.

Admitting mistakes and getting off the bus means there will be no possibility of turning back by the end of the month.

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All opinions are solely the personal views.
Not to be considered as any investment advice.