#BTC#ETHmarket analysis: The rebound is accelerating and facing a critical position. The result of whether it is a rebound or a reversal will be revealed soon. It is too early to draw a conclusion whether there will be a second test!
From the bond market on Wednesday to the financial market last night, we can clearly see that the market is trading on the expectation of a rate cut. If there had not been an episode of economic recession, the expectation of a rate cut in September would have been traded long ago.
BTC has also started an accelerated rebound along with the US stock market and is currently facing a critical position. Is the so-called second exploration impossible? It is a bit too early to draw a conclusion.
BTC：
The current short-term resistance points are basically the same as we expected. The 61,900 points mentioned in yesterday’s market interpretation did become an intraday resistance point. The next key point to face in the short-term market is the 63,500 daily midline position.
The price breaks through and stabilizes near 63,500 in the short term. In my opinion, it will determine the end of the rebound and enter the reversal stage. The expectation of stabilization is that a 4-hour line is successfully above the price. If the price returns to the upper track of the daily Bollinger band, it will stimulate more bullish power.
As for whether there will be a second exploration, it is a topic that is discussed a lot today. Many people think that there will be no more exploration after the second exploration. On the contrary, I think it is too early to draw conclusions now. We still have to look forward to the performance of the 63,500 position, and I think it is necessary to even wait for the breakthrough test of the weekly resistance, which is at 64,600.
Personally, I think that only by breaking through and stabilizing these two positions can we determine whether the second exploration still exists.
RSI: The index has currently risen to around 47, which is relatively neutral and not needed for reference for the time being.
ETH：
The price made up for the increase during the day and finally stabilized and returned to the daily/weekly track, which is a good thing.
However, ETH still lacks autonomy and carries strong FUD. At the same time, we also have to worry about the driving effect of the BTC market. The current price is not a reference for the time being.
If it falls, the main defenses will be 2590 and 2320.
RSI: The index finally rebounded to 37. The bullish sentiment of ETH finally broke out. The oversold rebound has returned. Whether the bullish sentiment will continue depends on its own situation and the overall market situation.
Summarize:
There is no sensitive data today. Currently, the US stock market is doing well before the market opens, and the risk market is good. BTC is still going to rise tonight. If we are optimistic, the upward trend will be out of the rebound stage after breaking through 63,500. If we are conservative, we will wait and see the situation around 64,600. I personally tend to test the latter point.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC
