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Analyst Liang Qiu: On September 18, Bitcoin and Ethereum interest rates will fall first and then rise, still under pressure in the short-term.
Last night, Bitcoin and Ethereum were affected by interest rate cuts, with overall volatility being large as the market first fell and then rose. In the early trading session, it once again surged to the levels of 117850 and 4642 before beginning to retreat, showing a significant increase. During the day, there will be another attempt to test the upper high points and the pressure above. The focus for Bitcoin is on the pressure zone between 118000 and 118500. Currently, the news has settled, and the subsequent movements will be more about technical trends.
Bitcoin has broken through the resistance level of 114,000 on the daily chart, forming a bullish engulfing pattern and a golden cross resonance with MA. However, the MACD red bars are shortening, and the RSI is approaching the 70 overbought zone, indicating a weakening upward momentum. On the 4-hour chart, the Bollinger Bands are opening upwards, the price has broken through the upper band, the MACD has golden crossed and the momentum has strengthened, suggesting that the short-term may continue to rise, with key resistance at 118,000 and support below at 114,000. On the daily chart for Ethereum, after a series of bearish closes, Ethereum quickly surged. On the 4-hour chart, it has reached the upper band of the Bollinger Bands, but the hourly and four-hour charts have started to pull back after hitting highs, indicating a focus on correction during the day.
The operational suggestion is to short Bitcoin around 117800 to 118300, with a target of around 116000; for Ethereum, short around 4620 to 4640, with a target of around 4510.
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