9.18 Yesterday's rise was just a side dish! Is there something bigger waiting for us tonight?
In yesterday's article, we were still discussing whether the support level below Bitcoin could still support the price after the pullback, and whether the downward pullback would start. However, we did not expect that Bitcoin would start to rise all the way at that time. It seems that this wave is preparing for the Fed's interest rate meeting, which means that the good news may be realized in advance.
However, we can also notice that the price of the resistance level of 61,000 has not been able to break through, so if the good news is realized in advance, then the strength is actually different from what I imagined. I think the strength of this rise is too small, for the node of starting to cut interest rates.
Because it is obvious that the good news was realized in advance, and it did not even allow the price to break through the resistance that had not been broken before. Our previous view was that the price would enter the long area only if it could return to above 61,000.
Otherwise, this wave is just a rebound after the price fluctuates at the top. The price rebounded slightly and came to the top resistance level and began to fluctuate sideways. It is uncertain whether it can continue to rise. It may also fall below the sideways fluctuation and then fall back.
I marked the area where the top sideways fluctuation may occur in the figure. At least from a technical point of view, the price just rebounded and then started to fluctuate at the top. I don’t think it is the early realization of the good news. We just said that the price needs to break through the resistance level, that is, the price above 61,000 before it can continue to rise.
So I think that yesterday’s rebound is likely to be just a normal rebound in the fluctuation range, because I am not willing to believe that it is the early realization of the good news, because the increase is only so little, after all, I have been looking forward to the interest rate cut for a long time.
But I think we should wait and see the market trend after the Fed’s interest rate cut tonight and early morning. After that, we will decide that at least the bulls can wait for the price to stand above 61,000, and the advantage will be clearer!
