Technical Analysis: Bitcoin (BTC)

The Fed cut interest rates by 50 basis points as expected, and the market responded accordingly, with Bitcoin rising as expected. #Btcoin

As mentioned earlier, a wave of market increases usually may experience stagflation after about 3,000 points.

The 59,550-point rebound target mentioned in yesterday's morning review was achieved, with the highest point reaching 62,598 points in the morning, and then began to retreat. It was mentioned in the analysis before that Bitcoin had formed important highs at 70,000, 68,000 and 64,000 points during the decline, and 62,000 points may become the high point of this rebound.

However, the market has not yet given a clear bearish signal, and more market feedback is needed to confirm the top position.

Yesterday, it briefly pulled back near 59,300 points several times, and then stepped back to 59,500 points again after the interest rate was announced, and then gradually rose.

Today, we suggest to focus on whether the pressure level of 62350-62850 points above will trigger a pullback, and pay attention to the support level of 60500-60000 points below as a potential rebound opportunity.

Ethereum (ETH):

The locked-in positions accumulated in the 2400-2440 point range in mid-September have been reflected in the morning. Ethereum hit 2409 points in the early trading and then pulled back, which was in line with expectations. #ETHETFsApproved

The rebound range of 2280-2310 points mentioned in yesterday's analysis fell to 2277 points and formed an intraday low.

In the short term, today we need to focus on the pressure level of 2410-2450 points above, and pay attention to the 2340-2300 point area below as an important intraday support. #token2049 #新币挖矿HMSTR #币安上线NEIRO

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