Crypto market analysis 7.31

 Weekly double bottom, Master Bao practices Tai Chi

  Powell's press conference summarizes several important points. First of all, it is reasonable for the market to feel closer to a rate cut, and the earliest rate cut will be chosen in September;

   The decline in inflation is better than in 2023, and the scope is wider. Due to the good data, inflation can develop in the direction of 2%;

The possibility of a rate cut in September is the greatest, so the subsequent unemployment rate and a series of indicators will guide the market trend. Now the market predicts that the probability of a 25 basis point rate cut in September is 88%, and the probability of a 50 basis point rate cut is 12%.

Just wait for Bitcoin to double bottom in the short cycle. The short-term decline is visible, but the long-term trend in the future cannot be ignored.

Daily level market

· Daily level:   The daily level fell rapidly, and Bitcoin has approached the support near the bottom of 63,500. The last support position of this round of daily level rising trend is near 63,500. The upper pressure is near 66,600.

4-hour level market · 4-hour level: The market fell rapidly, and there is a demand for a rebound in the short term, but it is still a downward trend. The upper pressure is around 64,500 and 65,000, and the bottom support is around 63,800 and 63,500.

Intraday level analysis: Bitcoin's recent sharp drop is a normal phenomenon, mainly due to the uncertainty of American politics. Therefore, there may be more contract liquidations in the near future.

Powell's vacillation and Tai Chi on the market are also the reasons why the market is close to collapse, but the market has basically come out when it comes to around 63,500. The next step is to wait for the market to slowly react and digest emotions.

Intraday callback: The main theme of the day is still falling. There is support at the large level now. From a small level, wait for the K line to come out before choosing to enter the market. It is safer to do the right side than the left side now.

The bottom support is around 63,800-63,500, and the upper pressure is around 64,500 and 65,500. The intraday market is not very good, but you can choose to trade against the trend, and the profit and loss are relatively appropriate.

The spot market needs to weather this difficult time in crypto history and remain calm. #美联储何时降息？ #美国大选如何影响加密产业？