✨2024.8.1 Today's Analysis✨
The content of the meeting last night did not give a clear time for the interest rate cut, but only indicated that the date is approaching. From whether there will be a rate cut in September, it has become more likely to be a 50% or 25% rate cut.
🔹 Market Analysis:
After being blocked at 70,000, Bitcoin fell again. It has now fallen below the first support of 66,000. It is expected to continue to fall in the short term, with the support level around 63,000. This retracement is expected to be the last one. From the perspective of the time cycle indicator, Bitcoin has gradually stepped out of the adjustment cycle since March, and the shape is also the last retracement of the bull flag. The altcoin index cycle has hit a historical low in 1 year. The last retracement to around 15 was in May-June 2023, and then the trend began to rise. At present, there are many air forces in all aspects of the market rate, the altcoin sentiment is low, and the bottom-absorbing trend is obvious.
🔍 Operation suggestions:
This period will be the countdown to the start of a new round of trends, and it is also the last opportunity to build a position before the start of the cottage bull market. Buying high-quality cottages on dips is the current strategy. When the big cake falls back to the end of the daily adjustment, intervene in batches, and wait for the buy signal to arrive.
📉 Intraday support and resistance levels:
Big cake: resistance level 66000, support level 63000, 59500 ether: resistance level 3350, support level 3200, 3000
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