The analysis said that the 59400-60000 position has been basically cleared, and the short position 59000 pressure level has also reached the lowest level of 58100. After the market has risen for two or three consecutive days, the fear and greed index is still at a low level of 33. Most retail investors have not kept up with this wave of gains.

The view remains unchanged. Everyone still remembers that the short position we talked about before is the 60000-62000 range. This is chosen because of the FVG area (low liquidity area). Secondly, the retracement on the daily line has not yet been completed. The analysis point of view on the 10th is to take the low point on Friday after the high retracement. Personally, I tend to think that this may be the starting point of the next wave of decline.

Many people say that BTC is currently bullish. The biggest problem is still the selling pressure in Mentougou. Retail investor sentiment will be affected in the short term, and this news is completely silent. No matter what you think about the interest rate cut, the election is similar, these are all expectations, and these are the support of the market. The short-term market in Germany has been digested, and it will not end before the Mentougou selling is finished.

Some people will ask why this wave will rise? There are several main reasons for this:

1. CPI slowed down, and the expectation of interest rate cut was brought forward from December to September

2. Spot ETF continued to buy

3. Germany's sell-off was completed

4. Spot ETF is expected to be officially approved for listing next week

5. Technical stage bottom

Technically, the liquidation space of 56000-56800 below BTC has a callback demand, which can be regarded as mid-line support. If there is an opportunity, you can enter the long position. At present, the 4-hour has also broken through the EMA100 pressure. After waiting for another wash, the moving average will diverge upward and there will be room for operation. The operation of short orders is recommended to refer to 60500 within the day, and the short-term support is 59000.