Bitcoin and Ethereum Market Analysis on October 16: What to Watch for BTC and ETH Today
Market Review
BTC maintained consolidation yesterday, and the 4-hour trend was recovering without breaking. It was a corrective market, and the daily level was repairing simultaneously. Pay attention to the stabilization. The expectation of interest rate cuts has not changed. The subsequent positive factors are still there, and the weekly trend is still healthy.
The two cakes follow the BTC to consolidate synchronously. The 4-hour trend is recovering and still needs to be sorted out and repaired. The daily level is also repairing.
The altcoins are consolidating synchronously with the mainstream. The altcoin index has recovered slightly, and most currencies have rebounded slightly. We will wait for the altcoins to stabilize before considering it. Recently, Binance has been active frequently, and Alpha points activities are constantly going on. You can brush up your points and get some free stuff.
Today's highlights:
BTC 1-hour and 4-hour levels are below the healthy range, and the daily level is below the healthy range. It is expected to repair and consolidate during the day. The lower support is 110000-111000 and the upper resistance is 113000-114000.
ETH 1 hour and 4 hour levels are below the healthy range, and the daily level is below the healthy range. It is expected to repair and consolidate during the day. The lower support is 3950-4000 and the upper resistance is 4200-4250.
