Analyst Liang Qiu: Bitcoin and Ethereum fell first and then rose after the interest rate cut on September 18, but are still under pressure in the short term

Bitcoin and Ethereum saw significant volatility last night, initially declining before rising due to the impact of the interest rate cut. Early in the morning, the pair surged to 117,850 and then the 4,642 level before retreating. The upward trend was significant, and there will be further retests of the previous highs and resistance levels during the morning session. Bitcoin is focusing on the 118,000 to 118,500 level, where resistance lies. With the news now in place, the future will be more technically driven. Bitcoin broke through the 114,000 resistance level on the daily chart, forming a bullish engulfing pattern and a golden crossover. However, the MACD's red bars are shortening, and the RSI is approaching the overbought 70 level, indicating weakening upward momentum. On the 4-hour chart, the Bollinger Bands are opening upward, the price has broken through the upper band, forming a golden cross on the MACD, and momentum is strengthening. Short-term upward momentum is likely to continue, with key resistance at 118,000 and support at 114,000. On the daily chart, Ethereum has seen a series of consecutive bearish closes followed by a rapid rise, reaching the upper Bollinger Band on the 4-hour chart. However, the hourly and 4-hour charts have begun to retreat, suggesting a correction in the morning session. Recommended trades include shorting Bitcoin around 117,800 to 118,300, with a target around 116,000; and shorting Ethereum around 4,620 to 4,640, with a target around 4,510. The recent continuous profit-making from long positions is clearly visible to many who follow the market. The current market is primarily characterized by range-bound fluctuations, so this article is highly effective, focusing on real-time guidance.