Good news: Powell is willing to cut interest rates as early as September

Bad news: Iran declares war on Israel, cryptocurrency market pays

Yesterday, we analyzed that the market rebounded weakly and there was still room for decline. It fell as expected in the middle of the night and just broke through the 64,000 mark. Although Powell said that interest rates might be cut in September, the market did not respond. Instead, the US stock market soared, and Bitcoin did not follow. At this time, smart people should realize that the risk should be gone.

It is obvious that someone is selling when the good news does not rise, either Mentougou or the US government. It was not until Iran declared war on Israel that Bitcoin fell sharply, and most people realized that it was not good.

This morning, Bitcoin closed the monthly line. Looking at the monthly K-line chart, the long lower shadow in July shows that Bitcoin has been fully adjusted and the market still has sufficient buying support. The 53,500 area is basically the lowest level in the future medium term. Under normal circumstances, it is difficult to fall below 53,500 in the remaining months of the second half of the year.

Connecting the K-lines of the five months from March to July, the large range consolidation in these months is just a relay consolidation platform in the long-term upward trend. The big cake has fully changed hands below 72,000. After 5 months to half a year of relay consolidation, it will stand at 72,000 at the end of the third quarter or the fourth quarter to set a new high. If the highest level of 73777 in March is the top, the top should be sharp, not the platform consolidation in these months, and there must be a new high in the future. The big cake has not risen to a new high because the current pull-up opportunity is not good enough, the market turnover is not sufficient, and the chess has not been laid out.

Back to today's intraday analysis, from the K-line, the 1-hour, 4-hour, 12-hour, and daily levels are all in a downward trend, with an intraday pressure level of 66400 and a support level of 62400.