Wednesday Evening Analysis
Bitcoin has been in a narrow range of fluctuations throughout the day, and the current view remains the same: the downward space has been compressed very small, making a significant drop almost impossible, while an increase still requires a bit of opportunity!
Consistent expectations can lead to changes in market behavior; converging views do not necessarily bring positive returns. From a technical perspective, the current market is in a downtrend on the 1-hour chart, and the downward trend has not yet ended. If it fails to stabilize after breaking 105000 in the evening, it can be determined that there may still be a downward process to follow, with support levels in the 102000-100000 range.
In this market, there is no such thing as a 'safe zone,' as turning points can occur at any time. There is no need to stick to rules because there are no one-size-fits-all, eternally unchanging strategy rules; adjusting with market changes is what is eternal.
At the same time, tonight will face significant changes, as the last Federal Reserve interest rate decision for 2024 will be announced at 3 AM. The market sentiment largely leans towards a possibility of a 25 basis point rate cut, or it can be said that this is a done deal. This is a positive development for the Bitcoin market, but at this time, we need to pay attention to whether this good news materializes now or later. Will it drop first and then rise? Or rise first and then drop? All are unknowns. Every time there is a meeting, market volatility is bound to intensify, so it is essential to manage risk when entering trades and to pay attention to maintaining the right rhythm.
On Wednesday evening, Bitcoin may rebound to 102000-101500, targeting 105000-106000,
Ethereum may rebound to 3750-3720, targeting 3900-4000!