Bitcoin closed today ending an eight-day winning streak. The closing formation looks quite ugly, but the key point is that it still closed above 73,770, which is an important level. My personal thought is that the Fed meeting result at 2 AM will definitely not cut rates, but the dot plot and Powell's remarks are more important. If 75,200 solidly holds on the hourly chart, there will be a big bullish candle, targeting around 79,800. If the narrative turns negative, there's a huge gap below. However, I'm personally more inclined toward the former, with a higher probability of liquidity being taken out on the upside.
Ethereum's key level is 2,311, which remains solid on the daily chart. Support below is around 2,298 near the 2-day moving average. Ethereum is quite strong this time, undoubtedly due to Bitmine's aggressive position adding. If it holds steady above 2,380 tonight, it will target around 2,670 above. Similarly, if Powell makes hawkish remarks, there's also a huge gap below. I'm leaning toward the former. Of course, for those without positions, it's best not to trade in this kind of market environment. Besides being long or short, there's another smart choice called staying in cash. Wishing you good luck.
Bitcoin closed today ending an eight-day winning streak. The closing formation looks quite ugly, but the key point is that it still closed above 73,770, which is an important level. My personal thought is that the Fed meeting result at 2 AM will definitely not cut rates, but the dot plot and Powell's remarks are more important. If 75,200 solidly holds on the hourly chart, there will be a big bullish candle, targeting around 79,800. If the narrative turns negative, there's a huge gap below. However, I'm personally more inclined toward the former, with a higher probability of liquidity being taken out on the upside.
Ethereum's key level is 2,311, which remains solid on the daily chart. Support below is around 2,298 near the 2-day moving average. Ethereum is quite strong this time, undoubtedly due to Bitmine's aggressive position adding. If it holds steady above 2,380 tonight, it will target around 2,670 above. Similarly, if Powell makes hawkish remarks, there's also a huge gap below. I'm leaning toward the former.
Of course, for those without positions, it's best not to trade in this kind of market environment. Besides being long or short, there's another smart choice called staying in cash.
Wishing you good luck.