Despite the Federal Reserve's interest rate decision signaling a dovish stance, the market experienced a significant sell-off as the 'good news has been fully priced in', leading to a shocking amount of liquidations across the network. After intense fluctuations, Bitcoin found support around 111400 and began to rebound, currently oscillating around the 112000 level.
From the 1-hour technical chart observation, the short-term oversold conditions are being repaired: the KDJ golden cross indicates a demand for price rebound; the decline in MACD momentum (green histogram) has significantly shortened, both supporting the view that the market is set for a technical correction.
Therefore, the probability of further deep corrections in the evening market is relatively low. It may be considered to gradually accumulate long positions when prices approach the middle band of the Bollinger Bands. However, caution is still needed regarding whether the subsequent impact of the Federal Reserve's decision has been fully priced in by the market.
Bitcoin is trading around 111500-112000 long, targeting 114000
Ethereum is trading around 4150-4170 long, targeting 4250
