After two failed attempts to break through 65,000, what’s next?
Since August 23, 65,000 has not been broken for several days. Powell made it clear in his speech on the 23rd that the interest rate cut would be in place. In the absence of market makers last weekend, it was useless to break through 65,000 and hold steady.
Next, let's see if the sentiment can further stimulate the breakthrough after the US stock market opens tonight. Then continue to pay attention to the annualized revised GDP value in the second quarter this week. Even if it breaks through, there are still 66,500 and 67,200. It is currently hovering around 63,000.
Judging from the current situation, the price may continue to fall. Judging from the K-line, I think the most critical bottom support will be around 61,800, and it is very likely to continue to pull back to this position.
Because from the four-hour level chart, this position is a very important support and resistance exchange point before. The market has not been able to break through this point when it was volatile before. It is a neckline position of multiple bottoms.
Then as mentioned before, pay attention to the unemployment rate announced next week
As for copycats, it is too early to enter the bull market.
The interest rate cut is about to take effect, will the price really go up?
It is still the same as what I said before. The interest rate cut in September has been confirmed, it is nothing more than 25 or 50. At present, the probability of 25 is high, 63.5%. So pay attention to the risks. The first interest rate cut will bring the risk of a correction to the market.
The previous article mentioned the US economic recession and the dollar system crisis that was ignored by the market. This not only includes the gradual abandonment of dollar payments by countries such as my country and Russia, but also the world economic "promoter" led by Japan (the yen is known as the world economic booster) has started the "carry trade" (Mrs. Watanabe trade), sucking blood from the dollar, bringing more uncertainty to the global financial market.
This has led to a decrease in economic market activity, and people are more willing to invest in investment targets with lower risk factors, such as gold and government bonds with high risk resistance. In addition, according to the credit card consumption data released by Bank of America in July, the consumption capacity of American residents has dropped significantly.
This means that retail investors with greater investment capabilities have lost the ability to "take over" the crypto market.
But in the medium and long term, Bitcoin's appeal as a safe haven and a hedge of value remains
at last
Stay or leave?
The current market has the possibility of falling again, even below $53,000. This is not uncommon, especially with the Federal Reserve's interest rate cut approaching and the signs of a bull market becoming increasingly obvious. The market makers may try to control as many chips as possible before the bull market arrives by creating market fluctuations, forcing retail investors out.
The core logic of the market is that if there is no large fluctuation, retail investors will not follow suit to buy or sell. Therefore, before the Fed confirms the rate cut on September 18, the market may face extreme pressure. At this time, it is important to hold your chips firmly. After a long bear market, don't give up before the bull market is about to come.
The fourth halving bull market is coming, and opportunities will emerge quickly. If you have doubts about this prospect, you may choose to leave.
But I still firmly believe that the general trend has been determined, and investors who wait patiently will be the ultimate winners
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