Market status
After Bitcoin hit $58,000 yesterday, it further dropped to $57,825 this morning, quickly clearing out the long positions. At the time of writing, it is temporarily reported at $59,605, and continues to fluctuate.
Compared to Bitcoin, Ethereum seems to be in a worse situation. After hitting the $2,850 resistance level on August 24, it began to fall, and the bears regarded this level as resistance.
The volume increased after the ETH/USDT pair closed below the 20-day EMA ($2,670) on August 26. It can be seen that the bears attempted to push the price towards the $2,300 support in the process. This area could be an important level to watch as a break below it could indicate a retest of the seasonal low of $2,111 on August 5.
The pullback is only temporary
Since Bitcoin hit a record high of $73,000 in March this year, it has always lacked upward momentum, and multiple market declines have gradually dampened investors' enthusiasm.
Makes people doubt whether Bitcoin can still usher in a new round of explosion?
Against this background, digital asset trading company QCP Capital released its latest report on Telegram yesterday (28), stating that with the Federal Reserve (Fed) having already announced that it is likely to start cutting interest rates in September, any current corrections in the stock market and cryptocurrency market will be short-lived:
Powell has been quite dovish in his recent comments and has made it clear that now is the time to lower interest rates.
Although there are only three interest rate meetings left this year, the market currently believes that there will still be four rate cuts in 2024.
I believe that any current pullback in the stock market and cryptocurrencies will be short-lived. As Powell and the Fed initiate a rate cut cycle, the increase in global liquidity will eventually push up risk assets. We are on the cusp of the trend, so don't miss the opportunity.
The current market game is still whether to cut interest rates or not. This week's assessment of the US economy has the greatest impact on the current trading sentiment for interest rate cuts, and Nvidia determines whether technology stocks will explode in the current sensitive stage.
For crypto market traders, GDP and PCE are the data we focus on.
In summary, the coming months will be full of expectations for increased liquidity, a recession has not yet appeared, and Trump's political situation is also a factor. Starting from this month, the trading logic of the financial market has changed significantly, especially after Powell's speech, the market direction has become clearer.
After a long bear market, don't give up easily on the eve of the upcoming bull market. Trust your own judgment and don't blindly follow the trend. Holding on or adding positions appropriately are both options to consider. I hope everyone can make wise decisions at this critical moment and welcome the upcoming bull market. Come on!
Let's talk about the upcoming ambush of favorable currencies
Currently, one-third of Ethereum’s ether is locked in pledge, and the exchange has begun to outflow ether. There will be a Prague upgrade at the end of the year. Every upgrade will start to hype two months before. The previous upgrades have more or less increased by 80%. ENS and SSV are waiting for a dip.
Apple will hold the Apple 16 conference at 1:00 a.m. on September 10, which will fuel the rise of the AI sector. FET and RENDER will fall and buy the dips at the bottom, which will pull up again.
PEOPLE The election debate on September 10 will lead to another surge. I am currently holding on to it and waiting for September 9 to clear all my positions.
matic About the horseshoe currency exchange 09-10 03:00 Binance will delist all existing MATIC spot trading pairs and will open trading pairs for the new currency POL. You can ambush at the 0.41 and 0.39 supports
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