June 19, 2023
The sentiment has improved a lot recently. The Western Hemisphere is still in the weekend state. The decline of the three major stock index futures is likely to continue the remarks made by the Federal Reserve officials last weekend that the interest rate hike may be resumed in July. At present, whether the interest rate hike will be in July is still the focus of the game, and the suspension of interest rate hikes has a positive effect on the risk market compared to the interest rate cut. Although the interest rate hike is temporarily suspended, the dot plot and the voting situation in the Federal Reserve's interest rate meeting show that the continued interest rate hike is not a bluff. Although the market has been prepared for the Federal Reserve to continue to raise interest rates, if the interest rate hike is really resumed in July, it will still have a blow to market sentiment.
Although Bitcoin and the U.S. stock market have decoupled recently, the rise of the U.S. stock market may not necessarily drive the rise of the cryptocurrency market, but if the overall traditional financial market falls, it will only be more unfavorable for the trend of the risk market. After all, one of the main reasons why the cryptocurrency market "follows the decline but not the rise" is that it is kidnapped by option delivery due to the shortage of liquidity.
From a technical perspective, the support level is 26000 and the resistance level is 27380. The weekend is a high sideways market. The daily line keeps shrinking and the selling pressure is not great. The key point above is around 27380. There is a greater probability that the rebound trend will be completed here. The reversal has not yet formed. It should be treated as an oversold rebound. Spot can be held. It is not recommended to chase high and stop profit at high prices. If the spot is 24700 as the bottom, it may rebound to 28000.
In summary, if the price is above 25750, the profit can be taken near 27380. The spot price can be bought at a low point. Only by enduring loneliness can we keep prosperity.