The Great Master said: 10.22 Countdown to the US election! Is Bitcoin's drop below the $67,000 mark a temporary correction?

The U.S. presidential election countdown is 13 days, and the former U.S. president and Republican presidential candidate Trump, who has publicly supported cryptocurrency multiple times this year, currently has a winning probability of 64%, widening the lead over Democratic candidate Harris, whose probability has dropped to 35.9%. This is a new high for Trump since Biden withdrew from the race in late July.
**　　In terms of cryptocurrency, Bitcoin reached a high of $69,546 yesterday morning, after which selling pressure began to emerge. Late last night, it briefly fell below $67,000, and this morning around 8:30, it again dipped close to the $66,500 level, quickly breaking below the low of October 17 before pulling back, causing many investors to be washed out of the market. As of the time of writing, the price is $67,325, down 2.45% in the last 24 hours. Currently, the upward trend of Bitcoin seems to show signs of being interrupted. Is this just a temporary correction, or is the main force looking to take advantage of the market's high sentiment to cut some leeks, and then pull back during the U.S. election?**
**　　Bitcoin 4-hour chart**

**　　First, according to the Bollinger Bands indicator on the Bitcoin 4H chart, the current price is hovering near the middle band. It has previously touched the upper band multiple times, indicating an overbought area, but has since seen some correction. The middle band of the Bollinger Bands typically serves as a support or resistance level; if the price remains below the middle band, it will indicate further correction pressure. The opening of the Bollinger Bands is gradually narrowing, indicating that volatility is decreasing, and the market will be in a consolidation phase.**
**　　Secondly, based on the MACD indicator on the Bitcoin 4H chart, the distance between the DIF line and the DEA line is gradually narrowing. If it continues to converge and forms a death cross, it will be a bearish signal, and the price will further decline. The MACD histogram is also showing a shift from red to green, indicating that bullish strength is weakening while bearish strength is increasing.**
**　　Finally, according to the KDJ indicator on the Bitcoin 4H chart, the K and D lines are showing a downward turn in the overbought area, and the J line has significantly dropped, moving down from the overbought area, indicating that a price correction may occur in the short term. If the KDJ three-line values form a death cross signal at a high level, the price will further decline.**
**　　Bitcoin 1-hour chart**

**　　First, according to the Bollinger Bands indicator on the Bitcoin 1H chart, the price is currently between the middle and lower bands, and the Bollinger Bands opening is slightly expanding, indicating increased volatility, and the price may continue to test lower levels. The support near the lower band is crucial; if the price breaks below the lower band, there may be further downside potential. If the price can rebound above the middle band, the market may restore bullish sentiment.**
**　　Secondly, based on the MACD indicator on the Bitcoin 1H chart, the green histogram of the MACD is gradually shortening, indicating that bearish strength is weakening, and there are signs that the DIF line and DEA line are forming a golden cross upwards. If the golden cross is confirmed, it will signal a bullish outlook in the short term, and the price is expected to rebound. However, if the golden cross fails to form, the bears will still dominate.**
**　　Finally, according to the KDJ indicator on the Bitcoin 1H chart, the K and D lines are currently crossing to form a golden cross signal at a low level, and the J line has started to rise from the low, showing signs of an oversold rebound, indicating that a rebound trend will occur in the short term.**
**　　In summary, the Bitcoin 4-hour chart shows that after the previous rise, there is some correction pressure, and both MACD and KDJ indicate certain bearish signals. The Bitcoin 1-hour chart shows short-term oversold rebound signals, with KDJ and MACD both indicating possible rebound signs, but the opening of the Bollinger Bands is still expanding, indicating that there is still some downside pressure in the market. Therefore, the upcoming market may experience a brief rebound before continuing to face certain downward pressure.**
**　　In conclusion, the following suggestions are provided for reference**
**　　Short Bitcoin at 67,600-67,800, targeting 65,800-65,500, with a stop loss at 68,200.**
**　　　(Written by - Daxian Says Coin)**