Good morning, brothers. The market has started to pull back these days. The market has begun to panic, with the fear index falling to 44, down from an average of 73 last week. This is the lowest since June 22.
After a month of increase, a pullback is always expected. This week, there are two major events that will affect the market, Some funds will escape in advance, BTC has seen an outflow of 500 million yuan in the past few days regarding the ETF.
In the early hours of Thursday, there will be a Federal Reserve meeting to decide whether to cut interest rates in September. On Friday, Powell will give a speech, In the face of stubborn inflation, the speech may be bearish regarding not cutting interest rates.
Currently, BTC has fallen below the 60-day moving average, This means it is below the average cost of purchases made in the last two months, Very close to the 99-day moving average, the risk has significantly reduced.
But we must be cautious of the final strike: The current U.S. stock market hasn’t seen a significant decline, we need to guard against a big drop in the stock market after Powell's speech, If the U.S. stock market drops significantly, BTC could decline another 3-5%.
If there is one last drop, approaching $110,000 would be a good bottom-fishing opportunity. Due to the excessive rise of ETH, the 60-day moving average for ETH is at $3,400, So prioritize bottom-fishing for BTC, If ETH drops below $3,900, then assess the situation to decide whether to bottom-fish.
This analysis is for friendly reference only, Adults should take responsibility for their own decisions.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.See T&Cs.
