Preface: Investment involves risks, please be cautious in your operations.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 20:41, September 24th, Beijing time
Market Information
After China announced stimulus measures, Bitcoin has hardly changed; traders believe that Harris's victory is unlikely to bring negative news;
The net outflow of the US Ethereum spot ETF was $79.2097 million yesterday, with a net asset ratio of 2.25%;
Insider: US presidential candidate Harris is unlikely to formulate a comprehensive encryption policy before the election;
JPMorgan Chase CEO: Interest rates may remain high for a longer period of time;
Goldman Sachs lowered its expectations for the US dollar after the Federal Reserve's aggressive interest rate cut;
Market Review
Due to the impact of the Federal Reserve's interest rate meeting, both Bitcoin and Ethereum rebounded. Ethereum's performance has been slightly stronger in the past few days. Bitcoin experienced a rally, reaching a high point of 64745, but did not continue. The daily closing has been below 64000 and formed a doji, indicating that the 200-day moving average is still effective in the short term. Ethereum also reached around 2675 as expected, with the highest point at 2702, but then formed an upper shadow, failing to continue the rebound after reaching the resistance level. Those who traded long in the past few days should have made some profit. Currently, there is resistance above, and attention should be paid to breaking through the resistance in the future.
Market Analysis
BTC:
Looking at the daily chart, Bitcoin rebounded to the vicinity of the 200-day moving average on the daily chart and did not rush to rebound, but continued to oscillate at that position. After standing above 64000 yesterday, it did not hold steady on the daily chart and closed below it. After touching near 64000 again, it failed to break through, indicating significant pressure at this level on the daily chart. Before stabilizing above the 200-day moving average on the daily chart, due to multiple attempts, we can focus on the 64000 level to seize a pullback opportunity. If Bitcoin's rebound stops at 64000, the retracement range will be between 57200-55100. In the short term, the focus is on whether Bitcoin can break through and hold steady above 64000. In trading, a light short position layout can be made around 64000, with a good stop loss, and entry should be at your own discretion. Short-term trading, risk control, and self-responsibility for gains and losses.
ETH:
Looking at the daily chart, Ethereum's rebound after the interest rate cut still has some strength, showing a relatively decent rebound. Although the strength is stronger, it did not break through the 2675 level I mentioned earlier. After reaching this level, it started to form a pin bar and failed to continue the rebound. In the short term, 2675 can be considered as a short-term resistance level. Both Bitcoin and Ethereum are under short-term pressure, so a short position layout can be made for Ethereum, with the recommended entry point near 2675 and the stop loss near the high point of 2820. The retracement target range is between 2360-2270, and entry should be at your own discretion. Short-term trading, risk control, and self-responsibility for gains and losses.
In summary:
Both Bitcoin and Ethereum are under short-term pressure and will likely experience a retracement first.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
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Buddhist saying: "Impermanence" is the norm of life. Here, "impermanence" refers to uncertainty, unpredictability, and everything that causes us pain is due to excessive pursuit of certainty, such as: love, family, work, and friendship. Therefore, investment is based on the ability to defend and attack, using limited funds that can be tolerated to amplify infinitely, rather than always being defensive; In short, using limited money that does not affect the quality of life to do something that could change fate or improve life, defense is only to prevent things from getting worse, while offense can make things better.
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