Friday is a new day and a new beginning. Good morning, everyone!
In the past two days, the market may have recovered in the short term due to the expected interest rate cut by the Federal Reserve. The price of Bitcoin has fluctuated upward. (Beijing time September 19) The United States announced that it would lower the target range of the federal funds rate. Strictly speaking, this interest rate actually refers to the interest rate of banks lending to each other. Since this ratio reflects the overall situation of the US economy and the global economy, the crypto market will also be greatly affected. Since it is a preventive interest rate cut, theoretically speaking, the extent of the Fed's continued interest rate cuts in the future is not expected to be too large.
From a technical point of view, the current trend is a rebound repair process. Since Bitcoin has been interspersed with long and short positions in the near future, the short-term repair strength is also relatively strong. Remember not to think that this wave of rebounds has reached thousands of points. It is a signal of a bullish rebound. In fact, it is not. From the daily level trend, the short-term rebound has not effectively stabilized above 98,500, and the retracement adjustment will still exist. Therefore, do not think that it is a reversal signal because of the temporary market repair and consolidation.
From the short-term hourly chart, the price of the currency is currently running around 98,000. The short-term price keeps testing upward. Since the rebound from 93,300, the rebound has exceeded 5,000 points. The hourly MACD fast and slow lines are both running upward, and the bulls have obvious advantages. At the daily level, there are signals that DEA is flattening and DIF is turning upward from the bottom, showing signs of turning bullish. RSI: The hourly RSI is around 70, close to overbought, and the daily level has rebounded from 42 to 51, showing that the upward momentum has increased. EMA: 7EMA>30EMA, there is still a gap with the 120EMA trend. The short-term mid-line upward trend is good, especially the short-term moving average support. From the short-term trend, the bulls currently have a certain advantage. Focus on the 98,500 line in the morning. If it cannot stabilize above, it is expected that the market will go out of the correction. It is recommended to wait and see before stabilizing. In the later stage, there will be opportunities to test the high position and ambush short orders.
On Friday morning, Bitcoin can continue to try to short near 98,500. The aggressive ones can go short directly near the current price of 98,000. Pay attention to the 96,000 line below. The defense should still be placed above 99,100. If it breaks through and stabilizes, we should consider short-term longs and see if the wave head continues.
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