We are about to enter September, and the Federal Reserve is expected to cut interest rates at its interest rate meeting on September 19. This news will undoubtedly affect the market, causing market fluctuations to varying degrees. We all know that raising interest rates is bad news, while cutting interest rates is good news.
The overall market trend in August was volatile. Bitcoin rebounded to 65,000 at its highest. After breaking through 62,000, it rose to the next pressure level and then began to fall. The current price is around 59,400. There will be an interest rate meeting in September, and multiple cryptocurrency hearings on the 10th, 18th, and 23rd will affect the market. The market in September should be more intense than in August. August was still a volatile market overall. Let's make a simple directional analysis of the market based on the market, and you can use it as a reference;
Yesterday, the daily price of Bitcoin reached 61200 and closed at 59500. The upper pressure is near 60000. If a breakthrough is formed, it can be seen near MA14 and MACD forms a dead cross. After two days of shock over the weekend, there was a small acceleration of decline. From the overall trend, there is still some room below Bitcoin. The lows of Bitcoin on the daily chart are constantly being refreshed, and the highs are constantly moving down, indicating that Bitcoin is still a little weak overall.
The upper pressure in the four-hour chart is near MA14. A breakthrough can be seen near MA7. The top is still near 60,000. The lower support is at 0.382 (near 58,000), but the medium- and long-term pressure still exists. The pressure is at 61,000 and the support is at 60,000. The market shows that there may be a small rebound in the short term, but the overall trend is still cautious.
Operation suggestions: short in the range of 60000-60500; stop loss at 61000; take profit at 58500-59000, if it breaks through the range of 58000, it can continue to hold to around 56500
