BTC Technical Analysis 20241023:

1. Weekly: MACD forms a golden cross above the near zero axis; this week saw a pullback, but the histogram remains above the zero axis and continues to expand. Volume maintains a head-and-shoulders bottom formation, making the probability of a sharp short-term decline low, while the probability of a new round of medium-to-long-term rise is very high.

2. Daily: The 200-day moving average is flattening, while the 120-day and below moving averages form a bullish arrangement, maintaining a bullish outlook in the medium to long term. However, it faces resistance from the descending trend line since the historical high of 73777. The candlestick forms a bearish engulfing pattern and breaks below the 7-day moving average. MACD converges above the zero axis for five consecutive days and may form a dead cross, while the volume does not show a significant downward trend; a technical pullback is expected in the short term.

3. 4-hour: The moving averages form the first dead cross, currently supported by MA60. MACD shows a second top divergence, with the histogram converging below the zero axis; however, the volume shows a notable decline, indicating a potential downward trend, and the pullback is not yet over.

[Attention] Tesla will announce its Q3 earnings report tonight (Wednesday) after the U.S. stock market closes, with the earnings reports of the seven giants following suit. As the earnings reports of the seven giants account for nearly half the weight, particularly the AI performance of NVIDIA, which is the engine of this round of bullish momentum, will directly affect the U.S. stock market's trend and indirectly determine the short-term trend of the crypto market. Currently, the probability of Bitcoin pulling back to a new low is increasing.

[Prediction] Short-term: Continued pullback. Support: 66500~66000

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