On 24/11/08, the Federal Reserve continued to cut interest rates by 25 basis points, and ETH strongly rebounded, breaking through 2900. Trading should follow the trend and align knowledge with action.
The Bank of England cut interest rates by 25 basis points, and the Federal Reserve also continued to cut rates by 25 basis points, which was in line with expectations. There is still a chance for another 25 basis point cut in December if nothing unexpected occurs. Bitcoin reached a maximum of 76849, and ETH strongly rebounded to a maximum spike of 2954.
The three major US stock indices have all reached new highs, and after a wave of rebounds in US Treasuries for the 5 and 10-year terms, there has been a correction. Previously, Bitcoin was delayed in breaking through previous highs, with the Dow Jones falling for two weeks and the Nasdaq and S&P 500 being rejected at previous highs, causing some concern about being dragged down. However, within three days of Trump taking office, new highs were reached. Currently, attention should still be paid to the Nikkei Index, which has been consolidating around the high of 42428 for nearly a year without significant movement.
Bitcoin
Since the rebound from 52500, Bitcoin has formed an upward channel on the daily chart. Currently, the price is below the upper channel. Here, it is necessary to note that the 1-hour level is indeed diverging and has also formed an upward channel. If it breaks below the smaller upward channel, consider a pullback with several support levels at 72700—74400. It is not recommended to chase the price; those without positions may consider adding at these levels.
However, it is more inclined towards the trend that broke 31800 in 2023, which consolidated for more than 40 days from 31800 to around 40000. Currently, it is also consolidating upwards on the 4-hour chart.
Support:
Resistance:
ETH
ETH strongly broke through 2800 while also breaking the daily downtrend. ETH rebounded to a maximum of 2954, retraced with a short-term upward spike, encountering resistance. The lower support at 2778 shows that although ETH has risen over 20% in three days, the moving averages have yet to catch up, indicating a need for a pullback.
ETH/BTC broke below the daily support and rebounded to test if it can effectively reclaim. If it does, altcoins may have a good trend afterward. If it cannot reclaim, a broad rise in altcoins will still be difficult to achieve.
Support:
Resistance: