Market analysis on October 23rd: Bitcoin may potentially evolve into a 4-hour level correction in the short term, pay attention to the support below.

CN
4 hours ago

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The expected 1-hour level rebound last night did not succeed, and today the current 1-hour level decline continues to extend downwards. As the market develops, there is a possibility of a 4-hour level correction here. If it is a 4-hour level correction, then the support at 65000 below is quite critical. If this position is broken, it indicates that the central three buys have disappeared, and the market may revert to a daily level correction. However, if the 4-hour correction can hold around 65000, it will be very supportive for subsequent upward movements.

Although there has been a continuous decline in the short term, there will still be a 1-hour level rebound in the next few days of this week, specifically observing the strength of the rebound.

BTC

Due to the rapid changes in the market, this article can only make predictions based on the market changes at the moment 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 probability of a 4-hour level correction is increasing here, with main support around 66000 and 65000. In the short term, first observe whether 66000 can hold. If it holds, there should be a 1-hour level rebound. If it does not hold, it should normally find support in the 65000-66000 range and execute a 1-hour level rebound. This needs to be closely monitored. If it breaks below 65000 again, there is a possibility of a short-term peak leading to a daily level correction.

If a 1-hour level rebound can be successfully executed tomorrow, focus on the strength of the 1-hour rebound.

15M:

At the 15-minute level, the decline of the big coin at the 1-hour level has continued to extend downwards by constructing a 15-minute level central area. The short term has already executed the fifth 15-minute level decline. Currently, it is very likely to first retrace to around 66000, and then run the sixth 15-minute level rebound. If it can break through 67000 again, there is hope for a successful 1-hour level rebound, as indicated by the yellow arrow in the image above.

If it cannot stand above 67000 in the short term, it may again decline to the 65000-66000 range tonight, as indicated by the white arrow in the image above.

ETH

Ethereum is also likely to execute a 15-minute level rebound in the short term. Pay attention to the strength of this rebound. If it can break through 2615, there should be a real opportunity for a 1-hour level rebound, as indicated by the white arrow in the image above. If the short-term rebound cannot surpass 2615, it will further decline to around 2550.

Currently, the 1-hour level correction of Ethereum is relatively strong, and there is a probability of directly executing a 4-hour level correction, but the specific situation needs to wait for the second sell signal to be confirmed.

Trend Direction

Weekly Level: The direction is upward, and the probability of a new weekly rebound is gradually increasing. 70000 remains a key observation point.

Daily Level: The direction is upward, and in the short term, continue to look at the 67000-70000 range. If it breaks through 70000, the next target to watch is around 80000.

4-Hour Level: The direction is upward, and the probability of a 4-hour correction is increasing. Focus on whether a second sell signal appears in the coming days.

1-Hour Level: The direction is upward. Watch for a 1-hour rebound tomorrow.

15-Minute Level: The direction is upward. A breakthrough above 68000 will confirm a 1-hour level rebound.

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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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