Last night, Old Bao mentioned the need for policy adjustments and prepared for subsequent interest rate cuts.
Dovish remarks directly ignited the US stock market and cryptocurrency sector.
The big pie (Bitcoin) showed weakness in pre-market trading for US stocks, briefly falling below previous liquidation points due to the outflow of liquidity above. However, after Old Bao's speech, a huge trading volume started to rise.
The bulls are reignited once again. The small-level pullback has ended, and the important thresholds at the daily and weekly levels have been defended again. The market has returned to a bullish framework, and the bulls continue to celebrate.
The market experienced a rapid surge due to news, and we will observe the position for a potential pullback. In the smaller timeframe, the focus remains on low long positions.
After the bulls rose during the day, they began to naturally retreat, and short-term profit-taking has chosen to reduce positions due to insufficient bullish momentum.
During the weekend's oscillation and pullback, the trading volume was low. It is highly likely that it will run downward in a volatile manner, testing the support below.
Upper pressure: 117500/118600/119500
Lower support: 114500/113650/112000/111320/108000
