Interest rate options traders have increased their bets on a 50 basis point rate cut by the Federal Reserve this month, reflecting growing speculation in the market that policymakers will take aggressive action to prevent the economy from falling into distress. Currently, forward contracts show that there is about a one-third chance of a 50 basis point rate cut by the Federal Reserve this month.

In the evening, the price of Bitcoin returned to above 57100 and reached a high of 58519, temporarily oscillating near 58000. Ethereum rebounded from around 2306 to a high of 2490, an increase of nearly 200 points. As for altcoins: MAGA, 1INCH, SAGA, GMT, AAVE, and VELO are leading the rebound…

For the rebound to be effective, it must break through upper resistances such as 60600 and 62000; otherwise, it will be considered an ineffective rebound. In terms of news, pay attention to the launch of a Bitcoin and gold mixed ETF on September 9th this year and observe the trading volume.

Bitcoin
The daily chart shows a double negative sandwiched between positive candles. It fell below yesterday's low in the evening but returned to the bottom. However, without an effective recovery, it cannot be considered a reversal. It is necessary to see if the support at 56850 can rebound after another retracement. Currently, the 4-hour chart has been maintaining a downward channel, so pay attention to the internal operation. The trend lines at 65000 and 59800 on the 4-hour chart have formed a descending wedge, which also needs to be observed.

Around 65000, after about two weeks of oscillation, a head and shoulders bottom pattern broke out on the left side. Therefore, it may take about a week for the right side to oscillate, forming a potential head and shoulders top. As mentioned in the previous analysis, there is a lack of a rebound test at 62000 and a subsequent decline in the trend line. If the key support at 65800 is broken, the decline will continue.
Support:
Resistance:

Ethereum
Both Bitcoin and Ethereum have rebounded in the short term. The daily KDJ crossover and MACD show some signs of bullish divergence, but without the ability to recover the key resistance, it is difficult to end the downtrend.

On the 4-hour chart, it returned to yesterday's bottom support and continued to oscillate narrowly. There are two small box structures, 2500-2820 and 2400-2600. Whether yesterday's rebound can hold still needs a second test.
Support:
Resistance:

If you like my views, please like, comment, and share. Let's navigate the bull and bear markets together!!!

This article is time-sensitive and is for reference only. It is updated in real time.

Focus on candlestick technical analysis and win-win global investment opportunities. Official account: 交易公子扶苏

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。