#BTC/ #ETH market analysis: The rebound is still weak, and the market narrative is waiting to be released!
It is Tuesday this week. Powell's testimony to the Senate Banking Committee at 22:00 tonight will be crucial. Regarding the interest rate cut, Powell will face pressure from senators. It depends on how Powell responds and what kind of testimony he provides, and whether the testimony will reverse the current downward trend. Let's take a quick look at the current market.
Bold assumptions, careful analysis, welcome to Uncle Cat’s encrypted “channel”
BTC：
The intraday price trend completed the 1-hour Bollinger Band oscillation, and the short-term correction did not touch the 4-hour Bollinger Band upper line. The bullish sentiment was obviously weak, and the current rebound was more like a technical rebound.
4-hour resistance 58,500,
The key resistance position on the daily line has moved down and is currently at 60,600. If the price breaks through this position and stabilizes, it can change the daily downward trend that has lasted for more than a month. On the contrary, if it still cannot break through and stabilize this position, the short-term rebound still has the risk of falling.
RSI: Daily index is 39, the same as yesterday. Obviously, the bullish sentiment has not increased, which further confirms that this is a technical rebound.
ETH：
The intraday price is slightly stronger than that of Bitcoin, which may be related to the potential positive news of ETF. The price of Ethereum completed the 1-hour and 4-hour range fluctuations during the day, and then was blocked and pulled back near the 4-hour resistance level of 3100. The bullish strength is obviously better than that of Bitcoin.
The key resistance on the daily line is 3300. Like Bitcoin, whether it can break through and stabilize will determine whether the daily downward trend that has lasted for more than a month will end. Otherwise, there is still a risk of decline.
RSI: Daily index is 39, which is the same as yesterday. There is no obvious increase in bullish sentiment at the daily level. Currently, there is a high probability of a technical rebound.
Today’s summary:
Obviously, we should not be too optimistic about the current rebound, but in terms of macro sentiment, Powell's testimony tonight may reveal more possibilities for monetary testimony adjustments. The US stock market is optimistic, and US stock futures have risen in advance. At the same time, the Ethereum ETF is likely to pass this week. With the support of double benefits, we must pay attention to the breakthrough and stabilization of the key positions of Bitcoin and Ethereum on the daily line. If the key positions cannot be broken through and stabilized, then the bulls are weak enough and the risk of decline will be greater.
At the same time, if the double positive factors this week and Thursday's CPI are combined again, and still cannot save the daily downward trend, then the market may still face a volatile downward trend for some time to come.
#BTC走勢分析 #ETH🔥🔥🔥🔥 $BTC
