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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for OCT 15th, 2024.
Key Takeaways
Retail Sales: Traders have ruled out the possibility of a 50-basis point rate cut by the Federal Reserve in November, after data showed that US consumer prices were slightly higher than expected in September, and recent economic data also showed a strong labor market. In the coming week, the monthly retail sales report in the United States, will lead the economic calendar, and investors will assess whether the economy is accelerating again after the unexpectedly strong employment report in September.
Trump trade: According to the latest polls, Trump’s approval rating has begun to surpass that of Harris, and the market has once again returned to the logic of Trump trade – Trump has stated that he will strongly support Bitcoin after taking office. Recently, the price of Bitcoin has surged. Yesterday, Bitcoin surged 5% within the day, reaching $65300 per coin.
Technical Analysis
Daily Chart Insights
(BTCUSD Daily Price Chart, Source: Ultima Markets MT4)
(BTCUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: Both fast and slow line indicators have risen above the median line, indicating a strong bullish trend at present. However, it is worth noting that the express line is about to enter the overbought area, and there may be a probability of short-term market price adjustment. Investors should switch to lower level time periods and pay attention to price behavior.
Downward trend line: Bitcoin has been continuously oscillating downwards since March this year, gradually forming a strong downward trend line. Yesterday, the market price surged again near the trend line, theoretically indicating a bullish trend for profit today – there is a probability of short-term downward adjustment.
H1 Chart Insights
(BTCUSD H1 Price Chart, Source: Ultima Markets MT4)
(BTCUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic Oscillator: The indicator once again sends a bearish signal below the overbought area, while the Bitcoin market price hits a new intraday high, forming a top divergence pattern. Investors need to be wary of market prices entering a downward trend during the Asian session to adjust their structure.
Top pattern: Due to the high probability of Bitcoin price falling in the Asian session, pay attention to the support situation around 65495.27. This support level will become the neckline of the potential M top pattern. If it falls below this support level, the market price will look towards the red 33MA below.
Pivot Indicator
(BTCUSD M30 Price Chart, Source: Ultima Markets APP)
(BTCUSD M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 65240,
Bullish Scenario: Bullish sentiment prevails above 65240, first target 67270, second target 67870;
Bearish Outlook: In a bearish scenario below 65240, first target 64250, second target 63660.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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