Market Analysis

According to the news, the probability of the Federal Reserve cutting interest rates in September is 68%. This data is still changing. Compared with yesterday, this probability has increased significantly. It is still the same. What is worth paying attention to at present is that either this probability falls below 50%, or the probability exceeds 80%. In this case, it feels that this data will cause market fluctuations.

The current price of Bitcoin is around 63,000. Before the close of yesterday morning, the price made a wave of upward breakthroughs, but failed to break through successfully. Then the price started a downward trend, and then it also fell below the bottom support of the short-term oscillation range, that is, the position around 63,500 was broken. The lowest price fell to around 62,600. According to the current situation, the price may continue to fall.

From the perspective of K-line, the current most critical bottom support will be around 61,800, and it is very likely to continue to pull back to this position today. This position was a very important support and resistance exchange point before. The market has not been able to break through this place when it was oscillating before. It is a neckline position of multiple bottoms.

Then, due to the positive news from Powell's speech, the price directly broke through this position. Now, without the continued promotion of news, the market can't go up, and the callback has started. The callback is most likely to come to this position now.

If the price can continue to support it at this point, there is still a chance of rebound. However, if it is pulled back to such a position, so deep, the subsequent market trend may not be so strong, that is, the upward trend is not very strong, and the final result may be a fluctuating upward trend.

Hold the chips and wait for the wind to come!

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