On the occasion of the Mid-Autumn Festival, Yiming would like to wish everyone smooth sailing, promotion every month, success in everything, and doubling of profits!
On the first day of the holiday, both Da Bing and Yi Tai closed with a medium-to-large positive line, adding a little color to this holiday. The short-term upward rebound will continue. The fundamental situation is also favorable to the short-term market, which is mainly reflected in the following two aspects:
There are two fundamental reasons for the rise:
1. The fermentation of the US government shutdown has caused safe-haven funds to flow to non-US market products, of which the crypto market is a part, and may also cause the Federal Reserve to delay its interest rate hike.
2. The U.S. House of Representatives Financial Stability Committee held a meeting yesterday, and the SEC Chairman also attended. The main views were as follows:
1: The chairman of the House Financial Services Committee, a cryptocurrency advocate himself, issued a warning to the SEC yesterday.
2: It further deepened the classification of BTC as a commodity rather than a security; secondly, it basically established the victory outcome of the Ripple case.
3: SEC begins considering crypto ETF applications from Franklin Templeton and Hashdex.
These two fundamental factors are the direct reasons for yesterday's rise, and they are also supportive from the trend pattern point of view. On Monday this week, Yiming's view was a short-term rebound trend.
According to the current situation, it is predicted that the rebound will end in mid-October. The reference target of Bitcoin is the 28,500-29,000 range, but there will be a small correction during this time, which may occur next week.
However, the basic characteristics of a "bull market" have not yet appeared. None of the three elements of a bull market: the Federal Reserve's interest rate cut, the halving of the bitcoin price, and the entry of institutions into the market have been realized, so this rise can only be defined as a rebound rather than a reversal.
Message: Successful trading is nothing more than rules and discipline.
