11.23 The weekend market continues to fluctuate

After Williams' speech, the U.S. stock market did indeed rebound, and the fear index has decreased considerably, so market sentiment is finally not as tense.

Although trading volume is usually lower on weekends, Bitcoin still managed to rebound slightly, at least temporarily halting its decline—if it continues to drop over the weekend, it's hard to say where the bottom is. Right now, the biggest concern is still the Federal Reserve; it's not just about whether they will cut rates in December, but the fear that they might drag things out and cause an economic recession, especially since there are already signs of corporate bankruptcies and rising unemployment rates.

Fortunately, NVIDIA's earnings report was decent, and the AI sector's bubble can still hold for a while. Bitcoin's support is around 84850, and if it breaks below that, it might go to 82900. If it bounces back to around this area, it could be considered for buying long.

On the Ethereum side, the market thinks that a rate cut in December would be a statement from the Federal Reserve, indicating that they don't want the economy to really worsen. Even if they have to intervene, they should do so. If interest rates remain this high, and only drop twice even by 2026, it would put significant pressure on the market.

The weekly chart may see four consecutive declines, with daily support looking at around 2755; if it breaks below that, it could drop to around 2675. If it bounces back to these levels, it could be considered for going long. The four-hour chart just showed a golden cross; if it drops to around 2700, it could also be considered for buying long.

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