24-hour important information:

1. The probability that the Federal Reserve will cut interest rates by 25 BP in November is 97.7%; 2. Base's single-day stablecoin transfers surpassed all other chains for the first time; 3. Spot gold opened 15 dollars lower on Monday and is now at $2,731 per ounce; 4. ftx and Bybit reached a settlement of 0.228 billion dollars to accelerate the process of returning customer funds; 5. CoinDCX co-founder: CBDC and cryptocurrencies should coexist rather than compete; 6. Tether CEO shows Tether, which focuses on privacy Local AI development kit preview, future plans are open source; 7. TIA, SUI, and OP tokens will be unlocked in large amounts next week, of which TIA unlocked worth about 0.941 billion dollars.

   BTC market analysis;

   

On the 25th, Bitcoin wanted to rebound and try to break through, but when the price reached around 68700, that is, the high resistance ahead, it was unable to break through successfully. After that, it began a relatively rapid decline, and finally the lowest price fell to around 65,600.

Well, this position just happened to be supported by a forward low. The price was also supported here for the time being. It rebounded back to around 67,000, then entered the weekend. The Bitcoin price also traded sideways around 67,000 for close to two days.

Then yesterday evening, the price began another upward trend. The price also briefly touched 68,000, but in the end, it is still a little below 6800 until now.

Well, looking at the current situation from the four-hour level, we can see that the price has now begun to converge and fluctuate at the top, that is, a triangular pattern has appeared. We have always said that the triangle is a very complicated pattern, so the highest point where the price rebound reached from yesterday evening to early morning just hit the downward trend line at the top of this triangle.

Well, if the price fails to break through, then it seems that most of the price is going back to the trend line at the bottom of this triangle. Currently, it seems that this position is probably around 66,000, and judging from today's situation, the probability of a possible breakout is not very high. Then it seems like there is a wave of short-term shorting opportunities.

However, everyone should also be aware that it is best to enter the market when they break through at a relatively high level, because you can refer to the situation we analyzed at the beginning, that is, the price went back to the previous high and then broke through and failed. In other words, in the case of falling on the 25th, the price tried to break through twice, and only after the second failure did it start a rapid decline.

Well, the current price is definitely at a high level. It can be clearly seen that after the price rise, it reached a continuous breakout failure around 68,609 and started a convergence triangle pattern. Well, this convergence triangle is an opportunity to continue to make upward breakthroughs. Well, my personal suggestion is that you can wait for the trend line below the triangle to step back on support. Trying long at this position is probably a better choice!