Market analysis on October 17th: The expectation for Bitcoin in the short term is to undergo a 1-hour level correction. Pay attention to the strength of the correction.

CN
7 hours ago

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Bitcoin surged to 68424 last night, followed by a period of consolidation and slight pullback. Although it hasn't yet dropped below 66700, the probability of a 1-hour level pullback is still quite high. If it successfully breaks out in the short term, the focus will first be on the area around 65000. If it can hold above this level, there is hope for a continued push towards 70000. However, if the 1-hour pullback is significant and drops below 64500, there is a certain probability that a pullback will be initiated directly.

While everyone hopes Bitcoin will break through 70000 directly, starting a new bull market that breaks historical highs and drives altcoins and mainstream coins to surge, it is still advisable to stay cautious to prevent the possibility of a further drop.

BTC

Due to the rapid changes in the market, this article can only make predictions based on the market conditions at the time of publication. Short-term players should pay attention to the latest market changes, which should only be used as a reference.

1H:

At the 1-hour level, the previous rebound from 58946 to 68424 can be roughly divided into three segments marked by green arrows, or more standardly viewed as one segment of upward movement marked by a yellow arrow. Currently, it is highly likely that a 1-hour level pullback is about to occur. This pullback has not yet completed and should continue to move downwards, at least to the 65000-66000 range.

The key level to watch below is 64500. If it stays above this level, the probability of Bitcoin breaking through 70000 will further increase. However, if it drops below 64500, there is a possibility that the overall rebound may end prematurely. We can wait until this 1-hour level downward structure is nearly complete before making a detailed prediction of the subsequent market trend.

15M:

At the 15-minute level, it is currently undergoing the first 15-minute level downward movement. This downward movement still has a bit to go, so we will see if it retraces to around 66000. After that, there should be a second 15-minute level rebound, focusing on 67400, followed by a third 15-minute level downward movement, with attention on the area around 65000. Overall, as long as it does not drop below 64500, the market is still in a healthy upward trend. If it drops below, there is a possibility of an early end to the rebound.

ETH

For Ethereum, I still see the target of 2830 unchanged. In the short term, it should also undergo a 1-hour level pullback. As long as it stays above 2440, there is still hope to push towards 2830. Currently, the 1-hour pullback target is around 2520, and it is very likely to consolidate into a 1-hour level central area before pushing above 2800.

Trend Direction

Weekly Level: The direction is downward, theoretically around 49000 is about right. Whether it has ended still needs observation, and we are entering the final observation phase. It is likely to become clear before the end of the month.

Daily Level: The direction is upward, and in the short term, we should continue to look at the 67000-70000 range.

4-Hour Level: The direction is upward, currently undergoing a 4-hour level rebound, targeting the 66500-70000 range. Whether it can break through 70000 still needs to be observed.

1-Hour Level: The direction is downward, and it is currently highly likely that a 1-hour level pullback is about to occur, with the target below focusing on the area around 65000.

15-Minute Level: The direction is downward, and there will still be a need for a 15-minute level rebound and a 15-minute level downward movement.

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The article is time-sensitive, please pay attention to risks. The views in the article are personal suggestions and for reference only!

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