Analysis of intraday market of BTC and ETH on October 18
Recently, $BTC has shown signs of rebound since October 11 after oscillating at the bottom for many days. This week, the market has rebounded as a whole, and BTC has even broken through a new high, approaching 68,000. However, although BTC tried to set a new high, the increase was not large, only about 10%. The passage of ETFs has made institutional investors gradually become the main controlling force of BTC, and 68,000 has become the focus of the market, and some people have begun to be bearish.
However, judging from the current market trend, BTC seems to be approaching a key turning point. Funds are mainly concentrated in BTC, and only when large funds are satisfied can they flow to other markets. Personally, I think BTC is expected to continue to rise and drive ETH to follow. Although ETH rebounds slowly, it is only a matter of time before it rebounds. For spot, the bottom support is clear and there is no need to worry too much.
In addition, although some altcoins have limited rebounds, they are generally on the rise. In the case of limited funds, it is normal for various currencies to rise in turn. Only when BTC reaches a high point and market sentiment is high, other currencies may surge.
In terms of the day, the support level below BTC is 67000-66500, and there is strong support near 66000 US dollars. Considering the current high price of BTC, a daily fluctuation of 2000 points is normal. 68500 US dollars is an important resistance level during the day. If it breaks through, it may quickly test 70,000.
$ETH The support level below the day is around 2580 US dollars, and the fluctuation may be around 30 points. Although the rebound is weak, the bottom has been clearly built. Those who hold spot should wait patiently for a rebound. The upper pressure level is 2660-2690. If it stands firm, it may rise further to 2720-2750.
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