Market Update There's been a ton of bullishness in the market recently and we're pumping into the end of October as expected. With that said, there will still be a lot of volatility. We're heading into the end of the month for options expiry, Tuesday is approaching which has been red the past 12 times, and everyone is front-running the rate cuts happening Oct 29th. With that said, there's still some upcoming events to keep in mind + recent news items that just released today:
- China Foreign Minister says President Xi Jinping & President Trump respect each other.
- Trump says he may announce a new Federal Reserve Chair by the end of the year to replace Jerome Powell.
- Michael Saylor's 'Strategy' buys 390 Bitcoin worth $45 million (this tends to mark temporary tops but let's see)
- US and China reach early agreement on key issues following 'successful' trade talks.
- Trump to meet with Xi Jinping Oct 30th
- JPMorgan expects Fed to end QT this week
- Hong Kong SOL ETF Oct 27th
- Rate cuts Oct 29th
- Blackrock ETH staking ETF Oct 30th
- GOLD/BITCOIN topping out
- Q4 seasonality
As you can see, there are still plenty of reasons to remain bullish. Although I still like to play both sides as we have become exhausted on the daily StochRSI for various tokens. We could still have one last pump before a retracement so manage your risk accordingly. The New Moon is technically still in effect (usually lasts 3-7 days which would mean the end would be near Oct 28th). With that said, dips remain for buying.
We called this pump to a tee, so now we have to adjust our buy levels. BTC formed a CME gap at 111k so that will be the big area I would look to long if we have a major flush. Major support for BTC is also 113.2-114k and 112k, ETH's major resistance is 4300 and the trendline resistance at 4400 while its support is 4060 and 3850, and SOL's resistance is the daily 50 EMA at 203 and the horizontal resistance at 209 and 215, while its support is 201 and 192. If you can get entries near any of those levels, that would be best R/R wise.
The risk of not being in the market still remains greater than the risk of being in it. While there is still uncertainty with the government shutdown, tariffs, and the overall economy, things are starting to become clearer which means the negotiations should remain positive. As always, manage your risk accordingly and only bet at major support levels on the daily/weekly timeframes while your indicators are in confluence.
