Powell's speech ignites a rebound, but technical alarms have been sounded: The bearish trend in the crypto space remains unchanged!
My core view is very clear: After Powell's speech yesterday, the market quickly surged from 112,500 points to 117,300 points. This large bullish candle has indeed changed the short-term downward rhythm, but don’t let this rebound cloud your judgment.
Now the technical indicators have given a clear signal—the hourly chart is just stuck near the previous breakout point and has encountered resistance and fallen back. The bullish momentum of the MACD indicator is clearly weakening, bearish strength is accumulating, and the moving average system has formed a death cross. More importantly, the top divergence patterns on the daily and weekly levels still exist, which means the overall trend remains bearish.
Let’s take a practical example: Although BNB has hit a new high, it has not driven the overall market to break out, indicating that the current rise is more due to news stimulation than a trend reversal. The rebound triggered by the Jackson Hole meeting is like fireworks; it looks lively but has a limited duration, and the probability of a quick price reversal is very high.
Therefore, the intraday trading strategy is very simple: the rebound is a short-selling opportunity. Gradually place short orders at 115,800 and 116,900, with the initial target set at the 115,000-114,500 area. If it breaks below, continue to look towards the 112,500 area. Remember, the volatility brought by news will ultimately return to the essence of technical analysis.
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