24/07/31BTC monthly line is about to close, and the US dollar index is at the end of its strength. Is August worth looking forward to?
Today is the last day of July and the monthly line is about to close. The opening of the new month is generally more volatile, especially in the early morning when the Fed’s interest rate decision is announced. There is a certain probability that there will be a rate cut in September. The high volatility of the big cake for 5 months is not good for both new and old investors.
The US stock market has been falling for nearly half a month, especially the Nasdaq and S&P 500. It is normal for the US stock market to fall back after rising for so long. The 10-year and 5-year US Treasury bonds have both fallen back and it is difficult to rise again. The US dollar index fell below the weekly triangle and rebounded again, but it has not recovered. The probability of continuing to fall is high. When the stocks, bonds and currencies that the United States relies on are weakening to varying degrees, the possibility of a rate cut will be put on the agenda. We have also previously referred to the time period from the end of the previous rate hikes to the rate cuts.
Flatbread
The daily line has temporarily supported after pulling back to the vicinity of the BOLL upper track, especially with the MA60 and MA120 moving averages of 64300-64500. If this support is broken, the more critical support of 62700 will be tested.
The 4-hour chart is also fluctuating near the rising trend line. It hit a new low of 65302 in the evening and then rebounded to 65800. Currently, this line is still a short-term support. A stable small-level chart waiting for a triangle breakthrough can be used for short-term wave to rise again to see the strength of the rebound...
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ether
Yesterday, Bitcoin and Ethereum ETFs both showed outflows. The sell-offs by Mt.Gox and Grayscale did not cause a panic drop in the market, which may also be a good sign. The Mt. Gox address in Mentougou still holds 46,162 coins, and the initial number was 138,000. Ethereum ETF has been listed for a week. Referring to the correction of GBTC in about half a month, as long as the market holds 2,800, there is still a high probability of oscillating upward. The small level is still a channel oscillating upward market.
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