"Mid-Autumn Festival" disrupts the situation, CKB and LUNA soar, is the altcoin bull market coming?
BTC has been repaired upward for 5 consecutive days! Although there is an expectation of interest rate cuts this month, historical data shows that BTC has mostly performed poorly after the Fed's interest rate cuts, and good news often turns into bad news. Moreover, the Fed may only cut interest rates slightly, and the actual interest rate is still not low, and liquidity will not increase rapidly, which cannot be ignored. In addition, the economic data recently released by the United States seem to be paving the way for the Fed's moderate interest rate cuts. I wish you all a happy Mid-Autumn Festival in advance!
In recent days, BTC has fallen first and then risen after the opening of the US stock market, which is quite regular. Today is Saturday again, and I am really afraid that the market will be another "Black Friday", after all, Fridays in the past two weeks have fallen. It is hard to say whether this pattern will continue, but combined with the market, today's trend is indeed not optimistic.
From the K-line, the 1-hour and 4-hour levels are both sideways, but the technical indicators show a downward trend and may fall at any time. This is also the reason why I am worried that today will be "Black Friday". However, the 12-hour and daily levels are still rising. The intraday pressure is at $59,800, and the support is at $56,360. Before the rate cut is implemented, the direction should still be upward.
For ETH, the 1-hour and 4-hour levels performed well, but the daily level was slightly inferior. It is expected to continue to rise during the day, and you can wait and see for signals. The upper resistance is at $2470-2520, and the lower support is at $2280-2330.
Speaking of altcoins, Upbit launched CKB today. As soon as the news came out, the market rose, ranking first in the increase list. There is also LUNA, which will have a wave of explosions every Mid-Autumn Festival. Koreans have a very strong consensus on the Mid-Autumn Festival. This year's Mid-Autumn Festival, plus the hearing and destruction benefits, the target increase is 30%-50%.
