The market is as expected in the opening analysis of yesterday's article. Both BTC and ETH have experienced a 30-minute downward correction. Bitcoin hit a low of 70110, approaching the 70000 mark, while Ethereum dropped to 3760, following the yellow trend mentioned in yesterday's article, almost returning to the lower edge of the 30-minute center.

Tonight, the US will release the non-farm payroll data, which has a significant impact on the timing of the Fed's interest rate cuts. It is expected to cause significant volatility in the short-term trend, making it difficult to avoid sharp fluctuations. In addition, BTC options contracts worth $1.22 billion and ETH options contracts worth $980 million will be settled today. Under the influence of various factors, it is necessary for short-term contract traders to protect themselves or stay on the sidelines. Furthermore, last night, the European Central Bank and the Bank of Canada both announced a 25 basis point rate cut, which will push the Fed to accelerate its rate cut pace. According to the institutional probability forecast of the US, the probability of a rate cut in September is the highest.

Returning to the current market situation, Bitcoin is once again failing to break through the high point of 71939 and is currently undergoing a short-term correction. However, the short-term correction will not change the overall upward trend. The large-scale daily level three-buy and the four-hour level segment three-buy are both growing upwards. This kind of short-term small-scale correction can only be used for short-term position trading. Once a small-scale buying point appears, it should be replenished in a timely manner, otherwise it is easy to miss out on selling opportunities.

Looking directly at the 30-minute chart, the 30-minute downward correction phase has already appeared. It can be clearly seen in the chart that this correction has not yet entered the center and is a potential three-buy point. Whether the three-buy appears will directly affect the strength of the trend. Once the three-buy is confirmed, it indicates that the bulls are strong and breaking the historical high is imminent. Whether the three-buy appears will be revealed after tonight's news release.

The above analysis is for reference only and does not constitute any investment advice!

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