Powell spoke in the early morning: interest rates will remain at 5.25%-5.5%, the Fed maintains a stable strategy, and may cut interest rates once this year. After the news came out, the price ratio failed to continue the bulls. Bitcoin fell directly from the high of 70,300, and once broke the front support. Our Buju followed the trend and entered the market. At present, Bitcoin has a space of more than 930 points, and Ethereum has a space of 60 points. It is the most prudent to wait and see before the news comes.
From a macro perspective, the current market is still in the continuation of the second wave of adjustment. The weekly line continues to adjust under pressure. Compared with the current round of pull-up space, the current retracement space is still quite standard. With the evening star pattern, there is still room to see below. Although it rebounded slightly, the current weak technical pattern has not changed. We are more optimistic about continuing to seek support after the short-term repair and adjustment.
Bitcoin can be shorted at 68,700-69,000, with a target of around 67,700; Ethereum can be shorted at 3,610-3,640, with a target of around 3,460.
