US stocks rebounded sharply, and Bitcoin rose to $58,000
Reviewing yesterday's market, Bitcoin price plunged to 55555 and then consolidated above 56000 for a day. One hour after the U.S. stock market opened in the evening, the U.S. stock market rebounded sharply and Bitcoin price also took advantage of the momentum to break through 58000 and hold its ground. At the critical moment, we still have to rely on the U.S. stock market. Bitcoin price has been completely U.S.-ized.
Today's market analysis: From the K-line, the 1-hour level is sideways, with a downward trend, the 4-hour level is an upward trend, the 12-hour level can go up or down, and the daily level is sideways. If it closes positive today, it will enter an upward trend. The intraday pressure level is 59800 and the support level is 56200. If it falls to 55000 again, the spot can go up 3 more positions.
With interest rate cuts coming, will the "Rose" really collapse?
As the Federal Reserve's September interest rate meeting approaches and expectations of a rate cut are building, the market is inexplicably panicking, as evidenced by the large amount of bearish sentiment and excessive short orders in the market.
The Chicago GE futures market expects a 100% chance of a rate cut by the Federal Reserve in September, with a 55% chance of a 25bp cut and a 45% chance of a 50bp cut. With three rate cuts this year, the total rate cut will reach 100bp, or 1%.
The Sam rule has sounded the alarm for recession. The US stock market seems to have reached a double top. Nvidia's stock price crashed by more than 10%, and the market is in a critical moment. The theory of rate cuts and collapse has begun to spread...
But it is precisely because of the rise of zero-interest assets that the hedge offsets the high nominal interest rate, eases the pressure of high interest rates, and promotes the bull market of risky assets. Next, the Fed will lower the nominal interest rate. Then, if gold continues to rise, it is equivalent to strengthening the Fed's interest rate cut. On the contrary, if gold falls simultaneously, it will weaken the effectiveness of the Fed's interest rate cut. Obviously, the former situation may be more conducive to achieving the soft landing that the Fed has been thinking about.
As for BTC, it is both a zero-interest asset and a risky asset. Ironically, the rise of gold and BTC represents the decline of the U.S. dollar. The Fed’s goal seems to be to choose between “soft landing + depreciation of the U.S. dollar” and “strong U.S. dollar + hard landing”. Although the current panic exists, the U.S. economy will not collapse easily. The Fed may make a careful balance in the process of interest rate cuts to cope with the downward pressure on the economy while avoiding a full-scale crisis in the financial system.
Obviously the market is not without money, but it has no confidence in this kind of downward trend!
What you can do during the wash-out phase: Don’t spread negative emotions during each short-term decline, and don’t be complacent during each short-term rise. Then you can grasp the next wave of the market. It is the hard truth that everyone changes their mindset, and other people’s opinions can only be used as a reference. The final decision-making power is in your own hands. Everyone sticks to their own opinions according to their own logic. If you think others’ opinions are consistent with yours, then stick to them. If they are inconsistent, just do the opposite. Time will give the final result.
Regarding the rise and fall in the wash phase: ask God in the short term (short term is no different from guessing the size at the poker table), ask the macro and the market in the medium term, and don’t ask in the long term. Finally, I hope everyone will not miss the last wave of the market.
Highly controlled: "Great good must be followed by great evil! Heaven and earth are not benevolent and treat all things as straw dogs"! Everyone says they believe in the future of Bitcoin, but in fact, I feel that they care more about how to make more legal currency!
Economic recession is really a powerful thing:
The first rumor in early July: 63500-53500, a drop of 10,000 dollars
The second economic recession in August was suspected to be a black swan (fake black swan): a drop of 64,000-49,000=15,000 dollars
At the beginning of September, this started again: 65000-57607= 7393, which is also close to 7500 dollars
The recession hype is too scary, like the sword of Damocles hanging over our heads. PUA is done once a month, but the problem is that retail investors can’t stand this kind of torment. More and more people have lost all their money and quit the circle in the past two months. I really hope that this market will end soon, but in any case, we have to buy the bottom of the mountain before Bitcoin has gone out of the unilateral upward trend. Accurate selection and strategy management are the secrets to success!
Check out these 4 cryptocurrencies that will bring 100x returns!
1.LTC
Litecoin (LTC) is a cryptocurrency that uses blockchain technology to enable fast, secure, and low-cost transactions. Transactions are typically confirmed within minutes and transaction fees are extremely low.
Litecoin has been performing strongly recently, showing a steady upward trend. In the past day, LTC price rose by 0.16%, driven by increased whale activity. In the past week and month, LTC rose by 8.93% and 2.43%, respectively.
The coin has further recorded 17 up days in the past 30 days, with high liquidity relative to its market capitalization. Additionally, Litecoin’s 14-day relative strength index (RSI) is 53.81, indicating a neutral position that could lead to sideways trading in the short term.
Additionally, the Litecoin Foundation and its community continue to work on improving the usability and scalability of the network. Ongoing developments include the introduction of privacy features, integration with payment systems, and the establishment of strategic partnerships.
Looking ahead, Litecoin is expected to maintain its upward trend. We remain optimistic that the growing demand for a secure and efficient payment system is a driving factor. However, as with any market, these trends are worth keeping an eye on.
2.IMX
Immutable’s recent partnership with Portal, a renowned Web3 distribution platform, marks a major step forward in the NFT gaming space. The collaboration aims to change the way Web3 games are distributed, monetized, and experienced.
Additionally, the partnership aims to leverage Portal’s strengths in user acquisition, rewards and payment systems to make Web3 games more accessible and attractive to a wider audience. This will be used alongside Immutable’s proven game development platform. This partnership has the potential to significantly boost the growth of Web3 games, as it can help these games gain greater traction among mainstream users.
In addition, Immutable has also partnered with Netmarble’s Web3 subsidiary MARBLEX. Although the specific details of this cooperation have not yet been disclosed, it is expected to have a significant impact in the blockchain gaming field.
Meanwhile, the IMX token is trading at $1.20, down 2.35% intraday. Despite this, trading volume is up 25.27%, which suggests a possible change in sentiment and growth opportunities ahead.
The token has performed well over the past month, with a slight gain of 0.79%. The token also exhibits strong liquidity, supported by its market capitalization.
3. SHIB
The memecoin market has experienced a significant drop over the past few days. Meanwhile, the price of the second-largest meme, Shiba Inu, has fallen by 6.23% over the past seven days. Moreover, it has been showing sideways price action since August, indicating weak market sentiment.
The technical indicator RSI shows a persistent flat line on the 1D timeframe. Moreover, the average trendline has been hovering below the neutral point. This suggests weak buying and selling pressure. However, a potential bullish reversal could also be in the cards.
Assuming that the bulls regain momentum, the Shiba Inu price will be ready to test its resistance at $0.0000170 in the future.
4. GHOST
AAVE is in an uptrend as it is trading above the 200 exponential moving average (EMA) on the daily timeframe. Moreover, its relative strength index (RSI) is neutral, which means that AAVE is neither in the overbought nor oversold territory.
In this market downturn, crypto whales saw an opportunity in AAVE and bought in large quantities. Recently, an on-chain analytics firm Lookonchain published an article on X (formerly Twitter) stating that a whale bought 50,504 AAVE tokens worth $6.78 million from Binance, the world’s largest cryptocurrency exchange.
With such a massive accumulation, the whale currently holds 125,605 AAVE tokens worth $16.9 million, which he purchased at an average price of $134.6. The whale’s interest in AAVE appears to be strong as they have been buying AAVE tokens during the market downturn.
Success does not depend on luck, choice is more important than hard work
