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November 7 BTC/ETH Analysis:
Wall Street warns, will the Federal Reserve take action?
The uncertainty and panic over interest rate cuts are still rising. On November 7, 5 billion BTC/ETH options will expire, with open interest far below the call options. The Federal Reserve's increased issuance of treasury bonds alleviates monetary pressure! Major institutions continue to invest, and currently, the market is characterized by retail panic selling while institutions are buying at low levels!
BTC
Currently, the hourly level is breaking through the middle track with increased volume, the RSI has crossed into the overbought zone, while the narrowing of the BOLL channel is accompanied by a decrease in trading volume. In the short term, this indicates a clear oscillation pattern. During the day, pay attention to the support at 1018; as long as the pullback does not break this level, there is still upward space in the small scale, with a potential drop around 1045.
Focus on the range of 1016-1020, defend at 1009, aim for a breakthrough at 1028 looking up to 1045-1056.
ETH
Around the 3328-3345 range, defend 3270, target 3402 to break through looking at 3480-3562#BTC #ETH