The Great God said: November 4th, the U.S. election and the Federal Reserve's interest rate decision are coming! Is a new high for Bitcoin just around the corner?

The U.S. election will officially arrive on November 5 local time. Many market investors are betting on Trump's election, leading to a rise in related concept stocks and Bitcoin. However, as potential gains gradually diminish and risks and returns worsen, everyone is starting to take profits. On the other hand, U.S. stocks performed poorly last week, which may also be one of the reasons for the market decline. However, Daxian believes that post-election market momentum is expected to drive the market higher.
**　　Additionally, there is a significant piece of news this week: the Federal Reserve will announce its interest rate decision for November on the 8th, which could also lead to severe fluctuations in the global market. Currently, the market believes there is a 98.9% chance of a 25 basis point rate cut this month, with only 1.1% believing the Fed will maintain the current rate.**
**　　In terms of cryptocurrency, Bitcoin dropped to a low of $68,800 in the early hours of the 2nd and has been continuously challenging to return above $70,000. However, the upward momentum is not strong. On the evening of the 3rd, around 11:30 PM, it hit a new low for the month at $67,478. As of the time of writing, Bitcoin's price has rebounded to $69,164, with a nearly 24-hour decline narrowing to 0.35%.**
**　　Bitcoin 4-Hour Chart**
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**　　First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price is close to the middle band and is attempting to break through to the upper band. The upper and lower bands are converging, indicating that future market volatility will decrease. If the price can effectively stabilize above the middle band, it will continue to break through to the upper band. If it fails to stabilize effectively above the middle band, it may still pull back to the lower band for support.**
**　　Secondly, according to the KDJ indicator on the 4H Bitcoin chart, the KDJ three-line values are forming a golden cross at a low position and have not yet entered the overbought area, indicating that the price is expected to rise further in the short term.**
**　　Finally, according to the MACD indicator on the 4H Bitcoin chart, both the DIF line and DEA line are operating near the 0 axis, and there are signs of a golden cross forming as both lines turn upward. At the same time, the MACD green histogram is gradually shortening, indicating that the downward momentum is weakening. If the DIF line and DEA line form a golden cross upward, accompanied by the MACD histogram turning from green to red, then Bitcoin's price will experience a significant rebound.**
**　　Bitcoin 1-Hour Chart**
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**　　First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the current price of Bitcoin is above the upper band, indicating a strong upward trend, but it also carries the risk of being overbought. The Bollinger Bands channel is expanding, suggesting that market volatility is increasing, and significant fluctuations may occur in the short term.**
**　　Secondly, according to the KDJ indicator on the 1H Bitcoin chart, the K line and D line values are already at a high position, and the J line value is also in the overbought area, indicating that there may be pressure for a pullback in the short term. If the KDJ forms a death cross at a high position, a pullback may occur; if the KDJ three-line values continue to rise, it indicates that buying power remains strong, and the price will rise accordingly.**
**　　Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line has just crossed above the DEA line, forming a golden cross, which is a clear bullish signal. At the same time, the MACD red histogram is growing, indicating strong bullish momentum, and the price is expected to recover the declines of the previous days.**
**　　Comprehensive analysis shows that, from the 4H Bitcoin level, the price is currently in a pullback phase after an increase. From the position of the middle band of the Bollinger Bands, this is a key resistance level. If it can effectively stabilize at the middle band, there will be an opportunity to challenge upward again. From the 1H Bitcoin level, the breakout of the upper band and the golden cross of the MACD support price upward. However, since the KDJ is in an overbought state, attention should be paid to the pullback risk that may occur in the short term.**
**　　In summary, Daxian provides the following suggestions for reference:**
**　　Long Bitcoin near $68,900, targeting $69,900-$70,400, with a stop loss at $68,500.**
**　　Time of writing: (2024-11-04, 05:50)**
**　　(Article by Daxian on Cryptocurrency)**