Bitcoin and Ethereum Latest Price Movement Analysis (October 31)

Bitcoin (BTC) Futures Market Analysis (October 31st): The market is currently near a key support level, with a complex technical picture showing a mix of bullish and bearish forces. On one hand, a bullish engulfing pattern has formed near the strong support level of 101516.5, which is usually a potential reversal signal. On the other hand, the moving average system is still in a bearish alignment, and a death cross has recently occurred, indicating that the overall trend remains weak. Furthermore, insufficient trading volume further weakens the reliability of technical signals, and investors are advised to remain cautious. Given the current market's unclear trend and the price approaching a strong resistance level, combined with the bearish alignment of the moving average system and increasing momentum signals, strong selling pressure is expected near this resistance level. Therefore, a strategy of selling on rallies to capture short-term pullback opportunities is recommended. My trading suggestion is to enter short positions with a small position size for Bitcoin around 108500-109000, with a target around 106500. For Bitcoin 2, consider entering short positions around 3800-3830, with a target around 3700.