2024.9.16 Today's market analysis: ##btc ##eth

Last Friday, the market rose sharply, and then fell back over the weekend, showing a gate-drawing action. Does this mean that the rebound is over? Is the market starting to peak and fall back? Or is it just a retracement here?

After the daily level clearly broke through the downward trend line, it came to 0.618 and was blocked. From the daily line, since it was suppressed at a key position, it is natural to go to the small level to see if there is a top pattern. If there is, consider short orders. It is judged that this position is more likely to be the top of the rebound.

In 1 hour, here we come to the long-short conversion position again. This is the resonance gap of the previous gate-drawing market, and it is also the upper edge of the previous wave of oscillation range. First observe whether this position can stabilize. If it stabilizes, you can consider aggressive long orders and look at the position of 0.618 in this wave. If it does not stabilize, first look at the previous low of 57600 below.

First, we need to pay attention to when the rebound will occur here, and then calculate 0.618. If the rebound is blocked at 0.618, we can consider short orders, or if the neckline position around 59500-59600 is under pressure, we can also consider it.

ETH is even weaker, falling back below the previous parallel bottom 2307, but now it has come to 0.618 (near 2269). Let's see if it can hold up here. If there is a structural change at a small level, or a stop-loss action, we can consider entering a long order, and above is around 2370-2380 to consider short orders.

The key interest rate decision will come soon. It is recommended to focus on short-term operations recently, stop when you see a good opportunity, or do nothing and wait until the meeting is over before operating.