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The Federal Reserve announced to maintain the interest rate at 5.50%, marking the seventh consecutive meeting in which the interest rate has remained unchanged.

In the early morning, Federal Reserve Chairman Powell stated that it is possible to discuss lowering the policy interest rate at the next meeting in September.

Although there was no interest rate cut this time, it was within the market's expectations. Powell hinted that the interest rate could be adjusted as early as September, which has fueled market expectations for future rate cuts.

After the early morning Federal Reserve interest rate meeting, the market experienced further pullback, and Ethereum and other altcoins also experienced a general pullback.

The panic and greed index dropped from 61 to 52, reaching a new low in nearly half a month, indicating that the market sentiment is currently relatively low.

Master's Trend Analysis:

BTC 1-hour:

Bitcoin broke downward in the early morning and formed a bear flag pattern, starting August with a decline.

Due to the eighth freeze of the interest rate and the possibility of a rate cut in September, the behavior was cautious.

Although a rate cut may be discussed in September, the terms "earliest" and "subject to conditions" were mentioned, leading to increased uncertainty.

From a technical analysis perspective, although the first and second support levels have been breached, there is still important support, and the box oscillation may continue.

Resistance Level Reference:

First Resistance Level: 64500

Second Resistance Level: 65120

If the price breaks through the first resistance level, it may form a double bottom pattern based on the previous low point, indicating the possibility of further rebound.

At the current point in time, the main approach should be to observe the downward trend. Due to multiple resistance levels above, it is important to observe whether the decline stops and to try to seize the opportunity for a small rebound.

Support Level Reference:

First Support Level: 63400

Second Support Level: 62700

At the lower end, attention can be focused on 64K. If the price cannot hold steady at 64.2K, 64K may be broken.

Therefore, the master believes that the key support level of 62.7K must be maintained.

Today's Trading Advice:

In today's trading, it is advisable to maintain a predominantly bearish view and attempt small rebound operations after observing the oversold zone.

8.1 Master's Short-term Pre-set Orders:

Long Entry Reference: 62300-62700 range for phased long positions, defend 500 points, target 63400-64500

Short Entry Reference: 65200-65600 range for phased short positions, defend 500 points, target 64500-63400

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you need to learn more about real-time investment strategies, untangling, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope to help you find what you want in the currency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend; daily updates on macro analysis articles across the web, technical indicator analysis of mainstream coins and altcoins, and spot mid- to long-term replay price prediction videos.

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