The nightmare of the 9.4 crypto crash appears again!
1. Last night, the first trading day of September for US stocks was a “black start”
2. The Governor of the Bank of Japan reiterated that if the economy and prices perform in line with expectations, interest rates will continue to rise.
A combination of factors has led to a low sentiment in the U.S. stock market as a whole. The market is worried about the risk of economic recession. The decline of U.S. stocks last night directly led to a decline in the crypto market. The current market is extremely fragile. The crypto market is currently being dominated and influenced by the U.S. stock market. When it can get rid of it requires continued observation.
The pessimism in the U.S. stock market has directly affected the crypto market in recent times, so we often see a market crash in the middle of the night and a slow pull-up during the day. If we want the overall market to move positively, the U.S. stock market, Asia, Europe and other markets must be relatively optimistic. Only after the combined force is formed can a real bull market be born.
Currently, Bitcoin is still fluctuating at a high level. It had a good rebound but was pulled down by the U.S. stock market last night, which also indirectly reflects the weak trend of the broader market.
After falling sharply below 56,000 in the early trading, the psychological support level of all short-term bulls was broken, which will cause some bulls to start turning from long to short.
4-hour level
It has now reached the lower edge of the wide range of fluctuations. If it cannot return to above 59,000 in the next two days, there may be a risk of continuing to test downwards in the short term. Leveraged users should be mentally prepared. However, the short-term trend will not affect the overall trend.
The market has plummeted. Is now a good time to buy the dips?
The Federal Reserve will most likely begin a rate cut cycle on September 18, and the news will have a great impact on market trends.
There are only a few days left before the interest rate cut. There is a high probability that cousin CZ will release it this month. Many projects were previously planned to be launched around September, so no matter whether the market will continue to fall or not, September is a time full of opportunities. Be diligent and try to seize more opportunities.
In the 10 years from 2013 to 2023, the crypto only saw a slight increase in September of 2015, 2016 and 2023, while the Septembers of the other seven years were all plunges.
However, the market basically all rose in October, so the saying of "Golden September and Silver October" in the crypto also exists, but this Golden 9 may mean that there may be a golden pit in September for you to buy the dips!
I don’t know where the bottom of Bitcoin is, but here’s what I do know:
1. Liquidity will come sooner or later. The interest rates raised by the Federal Reserve in the past are what the Federal Reserve will inevitably release in the future, and the new president’s inauguration is a good opportunity.
2. Based on past election years, October-November is generally the bottom of the market
3. When Bitcoin reaches a certain level, Altcoin will naturally follow suit
When it is time to build a position, we will build it in batches.
If you believe that the current bull market is in progress, don’t be afraid of how difficult it is now! When it is time to build a position, build it in batches.
On the contrary, if you don't believe it, sell everything as soon as possible and return home!
I believe it! So I start buying more when the market drops sharply and buying less when the market drops slightly. How much faith you have determines how long you hold your position!
Therefore, stick to your own ideas, don’t regret whether you are right or wrong, and test your own cognition!
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