FX.co ★ #Bitcoin chart analysis

My strategy on Bitcoin - SELL on bounces. The cryptocurrency is closing the fourth consecutive weekly loss, October produced a drawdown of -7.3%. Besides problems with Binance, the exchange hack coincided with a sell-off of tech stocks in the equity market. Therefore the situation is not helped by the decline in oil and Treasury yields. Institutional demand is also weakening: Outflow from ETFs $643 million on October 30 (the largest since June 25) Record for the month, outflows from Ethereum-ETF of $1.61 billion. That is, investors are not interested in either BTC or altcoins. Moreover, hackers are currently exchanging SOL for BTC, and this is a potential overhang. In addition, a $6.1 billion withdrawal by clients is also occurring with crypto being swapped into fiat. Now the decisive factors will be the results of the November 3 elections: the CLARITY Act failed in the Senate on September 15 (49–50), and a Democratic victory will most likely freeze the legislative agenda. And the CFTC and SEC lack commissioners. Main scenario: sell on a bounce to $78,500–79,500. Target $75,000 (there is also maximum pain for options there), alternative $73,000, then $72,000. Supports: $76,460–76,000, $75,000. Resistances: $77,770 , $79,100–79,500. A daily candle close above $80,200 invalidates the scenario and opens $83,000.