24/07/03 Powell is as dovish as ever and remains silent on whether there will be a rate cut in September. Will BTC test its bottom support again?
Powell avoided the question of whether he would start cutting interest rates in September. In fact, he just euphemistically refused. Powell said that inflation may return to 2% by the end of next year or the year after. The Fed's policy is still restrictive and appropriate. In fact, the dot plot was released in June, cutting the expected rate cuts this year from 3 to 1, and raising it to 4 next year. Many people are still imagining that there will be a rate cut in September.
Since 1974, the United States has reaped the benefits of three consecutive global harvests, first from Latin American countries, then from Japan, and finally from Southeast Asia. The harvest was achieved through the tide of the US dollar. The whole world knows this but it cannot be stopped. It can be seen that the rebound of the US dollar index is still strong.
To put it bluntly, the Federal Reserve is just a tool to cooperate with the United States to reap the whole world. This round of interest rate hikes announced a 25 basis point increase on March 23, 2023. Historically, the Federal Reserve's seven interest rate hikes had different time periods, but the average rate cut was 26 months per round.
President of TheETFStore: We insist that the Ethereum spot ETF will be issued in mid-July. The approval time of Ethereum has been postponed again and again, and the flowers of waiting in the market have withered. It was finally approved when most people lost their patience.
Flatbread
It fell below the 62,500 support level last night and found short-term support near 62,000. It continued to fall in the morning. The previous breakthrough of 62,500 formed a false breakthrough and will test the bottom support again, filling the CME gap of 60,200-60,400.
The market rebound is weak and has not effectively recovered any upper pressure so far. If it can hold 56552-58400, it will have a chance to move in a similar trend of 24900-31800. If it can't hold, it will see the 44000-46000 weekly support rebound bull market time and space cycle lengthen.
The 4-hour chart shows an upward channel and has filled the CME gap support of 60200-60400. There are only short-term operation opportunities in the near future.
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ether
As of the time of writing, it is still falling, and the short-term stop-loss pin of 3331 has not been seen. Ethereum also has a false breakthrough. From the MACD indicator, the market is not optimistic. It turned over the zero axis yesterday and showed a little bit of teeth, and then continued to fall back to the zero axis. Ethereum is basically optimistic about it, that is, the spot ETF has passed the expectations, otherwise it would have collapsed long ago. The weak cottage continued to fall in turn, and the currency circle is increasingly tending to the trend of US stocks and Hong Kong stocks. Even if ETH passes the spot ETF, other cottages will not have a large influx of funds directly. Be cautious when choosing a coin, otherwise it will be doomed.
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