FX.co ★ #Bitcoin chart analysis

My strategy for Bitcoin is SELL on bounces. The cryptocurrency is closing its fourth weekly loss in a row, October produced a 7.3% pullback. In addition to problems with Binance, the exchange hack coincided with a sell-off of tech stocks in the equity market. Therefore, the drops in oil and Treasury yields do not help the situation. Institutional demand is also weakening: ETF outflow of $643 million on October 30 (the largest since June 25) A monthly record: withdrawals from the Ethereum ETF of $1.61 billion. That is, investors are not interested in either BTC or altcoins. Moreover, hackers are swapping SOL for BTC right now, and this is a potential overhang. In addition, withdrawals of $6.1 billion by clients are also occurring with the conversion of crypto to fiat. Now the election results on November 3 will become the decisive factor: the CLARITY Act failed in the Senate on September 15 (49–50), and a Democratic victory will most likely freeze the legislative issue. And the CFTC and SEC lack commissioners. Base case: sell on rallies to $78,500–79,500. Target $75,000 (there is also maximum pain for options there), alternate $73,000, then $72,000. Supports: $76,460–76,000, $75,000. Resistances: $77,770 , $79,100–79,500. A daily candle closing above $80,200 cancels the scenario and opens $83,000.