Today's market analysis
Affected by the news from the Federal Reserve, BTC once again tested the bottom support of 57,800. This big drop was actually expected. First of all, the liquidity of the market is exhausted, the amount of capital inflow is getting smaller and smaller, and the market's expectations for interest rate cuts have always been relatively high. The Fed's sudden interest rate hike caused panic in the market, which is enough to show how sensitive the market sentiment is at present. Secondly, the continuous selling of Mentougou, the German government, the US government and many large households in the past few days has made everyone's emotions tense all the time. When bad news comes out, it will cause a continuous decline. This is why there was a big drop in the morning. The main and secondary reasons. Although I successfully led my fans to catch this wave of decline and gained a good profit margin, the pessimism about the overall market still exceeded my expectations. I will continue to update the subsequent strategies and ideas.
Intraday pressure and support levels
BTC pressure level 59200/60000 support level 57800/56800
ETH pressure level 3240/3290 support level 3150/3100
Spot sector analysis and recommendation
For the current market sentiment, the altcoin spot will definitely not enter the market again in the short term, because this round of altcoins has no bottom, but mainstream altcoins and BTC can enter some positions appropriately, and this part of the positions can be used as the first position. The listing expectation of Ethereum spot ETF has not reduced the decline of ETH, which means that the interest rate cut has become the most favorable hype narrative at present. For the Federal Reserve, the concession of other currencies has become its capital for continuing to raise interest rates or maintaining high interest rates, so the expectation of interest rate cuts in September has been reduced again. This situation has a great impact on the subsequent market. What we need to do now is to protect our principal in this process and have more operating funds when the bull market starts.