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[October 28 BTC/SOL/ETH Market Analysis: The Battle of Moving Averages is Extremely Fierce]
Last night, Bitcoin began to decline, and today's daily line also closed below the MA120. Currently, it's about testing the response of the key support level. That is, whether the bull-bear dividing line is useful. If it breaks the key position again, various indicators will resonate, leading to a weaker market. So where is the bull-bear dividing line for the three major currencies today? Please continue reading.
The short-term pressure of BTC today is determined by the trend at 115200, which decides whether it can reach the strong resistance of 117500-118000 mentioned earlier. The key support level below is 111400; if it cannot hold effectively here, it will test the support at 110000 and 108400. Pay more attention to the trend line on the hourly level; a breakdown will lead to the support at 108400.
$BTC has rebounded from the support level of 197 mentioned yesterday, and today's short-term resistance between 203.5 and 204.5 will determine whether it reaches the resistance at 206.5. Below 197, the bull-bear dividing line, if broken, the support levels are at 197 and 182.
The short-term pressure for ETH today is between 4220-4230. For it to break through here, the pressure needs to be seen at 4370-4380. The support level below at 4035 is the dividing line for bulls and bears. If it breaks below this support, it will test the support levels of 3915 and 3810.
In summary, the competition for the daily moving averages of BTC is exceptionally fierce, so it is likely that we will test the key support level in the future. If it doesn't hold, combined with various indicators, it may deteriorate again. Yesterday we mentioned the possibility of a head formation in the weekly cycle; what we should be betting on here is the overall trend at the weekly level. (Follow the section chief, who brings you the latest market analysis and precise entry points daily. Long and short positions are for B friends' reference only, with strict stop-loss and take-profit strategies. $SOL