Current market in three sentences:
1: The hourly level Bitcoin has been in a narrow range of 1065-108 for fluctuations. For intraday contracts, refer to this range, operating with high shorts and low longs. Once either side is broken, exit and wait in cash.
2: The 4-hour level Bitcoin is above the third phase. Enter the 106-1065 range without thinking and go long to seek a rebound, with a reasonable risk-reward ratio. There is double resistance in the 1081-1087 range; once reached, you can short without thinking, with a reasonable risk-reward ratio.
3: The daily level shows a clear downtrend. If it cannot break and hold above 109, due to the influence of the descending channel, it may have to go down once more, with a minimum target around 968.
The weekly analysis is too distant; temporarily ignore it!
Fundamentals: Powell's remarks highlight the unlikely chance of interest rate cuts before September. Liquidity will become increasingly poor. Bitcoin has undergone several high-level fluctuations, while altcoins have already reached their lows. Some altcoin projects are even leading the sell-off to cash out. Therefore, before the Fed cuts rates, try to avoid altcoins, preserve your capital, and wait for bigger opportunities! $BTC