Trader Chen Shu: Bitcoin and Ethereum market strategies on the evening of September 18th *1, how will the expectation of interest rate cuts affect price fluctuations

Bitcoin has been fluctuating around $60,000 repeatedly, leaving suspense until the Fed interest rate decision at 2 am on Thursday. The extent of this rate cut will be the key factor affecting the short-term direction of Bitcoin. The current high-level fluctuations will continue until the interest rate decision in the early morning, especially the press conference after the decision, and Powell's attitude towards managing future interest rate expectations.

From the daily chart of Bitcoin, the current price is generally oscillating around the MA256 daily moving average. Yesterday's sharp rise did not allow the price to sustainably stay above $60,000. The short-term resistance levels are around $6,050 and the MA120 daily moving average, which is $6,250. It is very likely that there will be a short-term surge to this level after the evening data market, and then encounter resistance and fall back. Therefore, it is recommended to consider going short above $6,200 in the evening data market, while the short-term support can be referenced at the 4-hour MA256 daily moving average ($5,900).

As for Ethereum, the daily chart is still under pressure from the MA30 daily moving average ($2,460). In the evening data market, attention can be paid to whether it will surge above this level and then fall back. On the 4-hour chart, the resistance level is the MA120 daily moving average ($2,380). Overall, it is recommended to stay synchronized with Bitcoin in terms of operations.

Evening operation suggestions:

BTC: Long near $5,900 on pullback, target range $6,100-$6,200. If it surges to the $6,250-$6,400 range, consider going short lightly to bearish.

ETH: Near the price ranges of $2,380 and $2,460, you can try to go short. For long positions, consider staying synchronized with Bitcoin.

Note: The evening data market fluctuates greatly, so be cautious in trading and control risks. If the expected interest rate cut is 25 basis points, the upside potential and time will be limited.

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