Bitcoin market overview on October 18
Macro overview
The European Central Bank cut interest rates by another 25 basis points, which is in line with expectations and the second consecutive cut, creating a loose monetary atmosphere. The market predicts that interest rates may continue to cut in December, which may stir up market sentiment and capital flows.
Key points of technical analysis
- Short-term dynamics: Bitcoin frequently touched 66666 and then rebounded to around 68200 and then pulled back, showing a fluctuating upward trend. Be cautious when chasing high. The current position has not been reduced. Pay attention to the breakthrough of 68500. If it reaches the range of 69500-70000 after the breakthrough, consider reducing positions.
- Technical indicators: 4-hour MACD crosses the zero axis downward, waiting for adjustment; after the 1-hour bottom divergence, the price is still suppressed by 68500. The 4-hour rising channel needs to be maintained, and consider reducing positions if it breaks. The key support level is 66000-66666. EMA15 is sideways at 66900, and the EMA30 support point focuses on 66600. MACD top divergence, shrinking downward, DIF and DEA high spread downward; Bollinger band upper rail pressure 68450, lower rail support 65400.
Operation Guide
Hot Spot Focus: FLOKI, with Doge's leadership, related election MEME coins performed well, boosting Floki's strong rise, and now it has crossed the key resistance area. Technical analysis, MACD zero axis golden cross appears, KDJ begins to show the embryonic form of Kirin back, indicating that the consolidation period is over and the upward trend has started. The market is strong, and the 15-minute chart shows a big sun. The pullback is a good opportunity to buy!
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