Market crash review and analysis

Yesterday the market fell sharply, and the remarks of Fed Chairman Powell sparked heated discussions. He bluntly stated that premature interest rate cuts would not benefit the economy and was optimistic about inflation control. This statement led to a sharp drop in the prices of Bitcoin and Ethereum.

Market downtrend analysis:

1. Powell's speech triggered a decline:

Fed Chairman Powell made it clear that premature interest rate cuts would not benefit the economy. This statement caused market panic, and the price of Bitcoin fell to $61,800 and the price of Ethereum fell to $3,400.

2. The market reacted quickly:

Starting at 9:30 p.m., the market reacted quickly, with Bitcoin falling slightly by $1,200 and Ethereum plummeting by 60 points. Although Powell's remarks brought great pressure to the market, the market did not fall as sharply as before, showing a certain resistance. ETFs have continued to flow in in recent days, indicating that there is buying intervention, which is a positive signal for the market.

Current market analysis and operation suggestions:

3. Current market conditions:

Currently, the daily closing price of Bitcoin is above $61,880, and the daily level is still in a rebound. For a small-level rebound, we need to pay attention to the position of $62,750. If it stays above this position, the market may continue to develop upward. The upper target/pressure level is the $63,365-63,800 range.

Summary:

Although Powell's speech triggered a market decline, the market showed a certain resistance and buying support. In the short term, pay attention to the breakthrough of key positions, be cautious when operating, and strictly follow the trading plan and risk management strategy.

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