November is finally here, and we're all ready for some action. Two major events are coming up: the US election and the Fed's interest rate decision in the first week of November. Are you on your toes or off guard?
7 Days Heatmap
After finding resistance around the all-time high of $74,000, BTC experienced a free fall this week, dropping by over 4.35% and dragging the entire market down with it, including ETH, which is also down by 1.3%.
BTC Analysis
As anticipated in our last market analysis article, BTC rejected the intersection of the upper bound of the blue channel and the $74,000 mark.
BTC is now confirmed to be in a correction phase, and more bearish pressure is expected toward the lower bound of the channel.
The lower bound of the blue channel coincides with the orange structure at $66,000, establishing a robust support level. This alignment presents a favorable opportunity for trend-following long positions.
ETH Analysis
ETH has been respecting our flat orange channel perfectly, as mentioned in our last three altcoins update articles.
Today, ETH is retesting the lower bound of the channel and the $2,500 support again, so we will be on the lookout for longs.
ETH will remain bullish as long as the lower bound of support at $2,400 holds.
If $2,400 is broken to the downside, a shift in momentum from bullish to bearish is expected, potentially dragging ETH down toward the $2,100 support.
Quote of the week
Where you want to be is always in control, never wishing, always trading, and always, first and foremost, protecting your butt.
~ Paul Tudor Jones
Closing Remarks
In summary, November kicks off with heightened market anticipation due to two major events: the US election and the Fed’s interest rate decision.
BTC faced resistance at the $74,000 level and entered a correction phase, declining by over 4.35% and pulling down the market, including ETH, which dropped 1.3%.
BTC now targets strong support at $66,000, presenting a potential opportunity for trend-following long positions.
ETH continues to respect its established channel, currently testing support around $2,500.
If these quick updates catch your interest, check out our full market outlooks for a deeper dive into insights and analysis.
