10.16 Bitcoin and Ethereum Intraday Market Analysis and Trading Suggestions

CN
7 hours ago

Morning Analysis: From the current 1-hour chart, the Bitcoin price is once again approaching the strong support near 108,000. Although there has been a short-term rebound, the momentum is extremely lacking, with a weak rebound and no effective buying support. The overall structure remains in a clearly weak state. In the 4-hour chart, Bitcoin is running near the lower Bollinger Band, with the bottom accumulating strength. The candlestick repeatedly tests the bottom support. The three lines of the Bollinger Band are running parallel, with an expanding opening trend, indicating that the market is about to face a directional choice again, and it is predicted that it will continue to test the support around 108,000.

Ethereum is currently forming a high-level oscillating downward trend. The current short-term price shows a slight rebound, but overall it remains weak. From the 4-hour chart, the price broke below the 4,000 round number on October 15 with a large bearish candlestick, and the rebound strength is weak, failing to effectively break through the previous high. The technical indicator MACD on the 4-hour cycle shows a continuous decrease in the MACD histogram, operating below the zero axis. Although the bearish strength is dominant, there are signs of weakening.

Trading Suggestions: For Bitcoin, short near 111,800-112,300, with a stop loss at 112,800 and a target around 110,500-110,000. If it breaks, look for 109,300-108,800; if it doesn't break, consider going long.

For Ethereum, short near 4,080-4,110, with a stop loss at 4,150 and a target around 4,000-3,970. If it breaks, look for 3,900-3,930; if it doesn't break, consider going long.

This strategy is for reference only; please invest cautiously and secure profits. (For real-time updates, follow the public account: Ethereum Kai)

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