The 4h level decline is still not completed, waiting for the fluctuation in the early morning!

The Fed decided to raise interest rates in the early morning. The end point of this decision is whether July is the last rate hike. If it is not the last rate hike, it may cause the US stock market and other capital markets to fall into the abyss!

Bitcoin's trend is similar to yesterday, still consolidating below 29,500

It is expected that the market is waiting for the news of the interest rate hike in the early morning. In fact, the interest rate hike has little impact on the market. The market still regards the news as an opportunity for short-term fluctuations. However, there is no need to over-interpret the news. The key is to observe the changes in the market. In recent months, there has been a situation where good news does not increase the market and bad news does not decrease the market.

For Bitcoin, the upper pressure is around 29500~29600. If it breaks through and stabilizes effectively, a rebound may occur.

If the pressure cannot be broken, it will still fall. Don't worry about the positive or negative factors.

From a technical point of view, the 4-hour downward trend has not ended. The trend of Bitcoin in the past day has been fluctuating upward, so it is more likely to continue to fall, at least to complete the downward structure.

Due to the rapid changes in BTC market in the short term, this article can only predict the market changes at the time of publication. Short-term traders should pay attention to the latest market changes. This article is for reference only.

1 hour chart:

At the 1-hour level, the overall trend of Bitcoin is oscillating upward, which can be regarded as a rebound at the 1-hour level.

If the rebound fails to effectively return to above 29500, it is likely to continue to fall and form a 1-hour downward trend

In general, the downward trend at the 4-hour level may form a decline of two centers.

If the 1-hour decline is completed and the 1-hour rebound still fails to effectively break through 29,500, it is likely to form a second 1-hour central consolidation, and then extend the decline. The support below the cake is at 28,500.

If the closing price tomorrow morning is below this support level, it is likely to fluctuate downward to around 27,500. The upper pressure is around 29,500-29,600.