Master Chen 8.1: Expectations of interest rate cuts in September are rising. Master Chen chats about hot topics after the bear flag pattern of the market is formed:
The Federal Reserve announced that it would keep interest rates unchanged at 5.50%, marking the seventh consecutive meeting in which the Federal Reserve kept interest rates unchanged.
In the early morning, Federal Reserve Chairman Powell said that the issue of lowering the policy interest rate may be discussed as early as the next meeting in September.
Although there was no interest rate cut this time, it was within the market's expectations. Powell hinted that interest rates could be adjusted as early as September, which made the market look forward to future interest rate cuts.
After the Federal Reserve’s interest rate meeting in the early morning, the market experienced a further correction, and Ethereum and other Altcoin also experienced a correction as a whole.
The Fear and Greed Index fell from 61 to 52, reaching its lowest level in nearly half a month, indicating that market sentiment is currently in a relatively depressed stage.
Master looks at the trend:
BTC 1 hour:
Bitcoin broke down in the early hours of the morning and formed a bear flag pattern, but August started off with a decline.
With interest rates frozen for the eighth time, the Fed left open the possibility of a rate cut in September, but was cautious.
Although interest rate cuts may be discussed in September, the prerequisites of "at the earliest" and "meeting conditions" are also mentioned above, which increases uncertainty.
From a technical analysis point of view, although the first and second support levels have been broken, there are still important supports, and the box shock may continue.
Resistance level reference:
First resistance level : 64500
Second resistance level : 65120
If the price breaks through the first resistance level, a Double Botto pattern can be formed judging from the previous low point, and further rebound may be expected.
At this point in time, you can mainly operate with a downward perspective. Since there are many resistances above, you should observe whether the decline has stopped and try to seize the opportunity of a small rebound.
Support level reference:
First support level : 63400
Second support level : 62700
You can pay attention to 64K below. If the price of the currency cannot stand firm at 64.2K, 64K may be broken.
Therefore, I believe that the maximum support level of 62.7K must be maintained, which is the key support.
Today's trading suggestions:
In today's trading, you can mainly maintain a bearish view, and try a small rebound after observing the oversold zone.
8.1 Short-term pre-buried orders:
Long entry reference: 62300-62700 range, long in batches, 500 points of defense, 63400-64500
Short entry reference: 65200-65600 range short in short 500 points defense target 64500-63400
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