9.17 Bitcoin breaks down the channel! But the bears haven't exerted their strength yet!
Yesterday we mentioned that the rebound trend of Bitcoin is now in the form of an upward channel, and then a sudden drop in the early morning yesterday fell from the top of this upward channel to the bottom of the channel, so we reasonably believe that if the price falls below this channel, then this rebound trend will most likely end.
This is our view yesterday, and then we continue to look at the current market, we can find that the current price has slightly fallen below this upward channel, and the highest point of the price in this rebound process has also reached the previous high point and has been affected by the main force. Now it is a downward correction and has broken through the upward channel, so we have reason to believe that under the current circumstances, this wave of Bitcoin's rebound trend has ended, and the downward correction trend will start next.
However, there has been no rapid decline in the price after breaking through the channel, and the current price is still temporarily around 58,000.
Then from the one-hour level, we can find that the current price is temporarily supported, which means that there is a possibility of a short-term rebound. The price is currently pausing here. If it cannot fall further, a top oscillation range will be formed here, that is, after the rebound, an oscillation range will be formed and the downward correction trend will not be directly started.
In my personal opinion, I think the current situation is not suitable for shorting. The price has broken through the channel and there has been no rapid decline, which means that the short position is not very strong at present.
Then the most important thing is that there will be a Fed interest rate decision meeting in the early hours of Thursday morning, when the extent of the interest rate cut will be decided, that is, the expected interest rate cut cycle is about to start, so if the price is pulled back above the resistance level of the first picture, then we should continue to chase more, instead of considering shorting now.
