$BTC Evening Perspective:
The drop naturally rebounds for a second test; if the second test does not create a lower low or a higher high, regardless of whether you hold long or short positions, you should exit. It may not drop further or rise anymore.
Do you think today's drop has ended?
It may have just begun. At 3 AM on the 19th, the Federal Reserve will announce its interest rate decision on whether to cut rates and by how much. Everyone knows that a 25% rate cut is expected, and this expectation has almost been fully priced in.
Without a new narrative, it will be hard for the market to rise again. Please remember that rallying takes money, whereas crashing only requires a simple click of the mouse.
If Powell's speech at 3:30 PM includes a statement about slowing down rate cuts, the market will start to drop immediately.
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Talking through the chart: The major cryptocurrency breaks through 104342 with volume on the right side to chase long positions; you can only take a bounce and not change the trend. 103906 breaks down with volume on the right side to chase short positions; pay attention to the change in volume.
For the major cryptocurrency to be strong, it must break and hold above 104744; otherwise, it is useless.
Currently, the major cryptocurrency is in a consolidation phase on an hourly level; if it directly breaks below 103270, it will drop further. For conservative traders, wait until tomorrow to open positions at 102636-101431-100627; otherwise, the price may fluctuate easily and trigger stop losses.
Aggressive traders don’t need to care about that; just go for it without hesitation 😃.
