If the US stock market is as weak as expected before the market opens,#BTCwill have to do a good job of defense tonight.

#BTC☀ Interpretation of the market: Daily/weekly range update, BTC price can defend the daily support before the interest rate meeting. The daily range is shrinking rapidly, is this week a change?

In the new week, update the daily/weekly range points:

Weekly, the full track range is 53,300-71,600, the lower track range is 53,300-62,400, and the current BTC price is at the lower track of the weekly line.

Daily, the full track range is 54,200-61,380, the upper track range is 57,800-61,380, and the current BTC price is at the upper track of the daily line.

Defensive position and breakthrough resistance before the interest rate meeting:

Before the Federal Reserve’s interest rate meeting on September 18 this week,

BTC defends the daily line near 57,800, and the price will be relatively safe in the short term.

At the same time, the short-term daily MA7 58,780 can be used as a short-term small support.

At present, the daily K-line trend has temporarily stabilized. Since last week, MA7 has become a short-term support for decline, which has reference value.

In terms of breakthrough resistance, the daily line 61,380 can be used as the first breakthrough resistance at present,

followed by the weekly line 62,400, but the weekly resistance level is adjacent to the daily MA120 position, so we directly use 52,700 as the effective resistance.

If it continues to break through, it will face the resistance test near the daily MA200 64,000.

The above resistance and support, except for the weekly and MA120/200 resistance levels, can be used as a reference this week. Other resistance and support levels will change with daily fine-tuning.

The RSI index is 52, up 2 points, and it remains neutral at present, without much reference value.

The CME BTC futures index currently maintains a positive premium of 170 points, and the bullish sentiment is general. It is estimated that the futures market will start betting after the US stock market tonight.

Conclusion and Note:

At present, the market is still playing games based on the basis of the first interest rate cut. The probability of 25/50 has been changing. It is still cautious before this week's interest rate meeting.

At the same time, the market orientation of this interest rate cut is still unclear. The core is still the basis of the first interest rate cut. Different basis points bring different fluctuations. We can only respond to the situation as it happens, and don't make overly subjective judgments.

Note that the daily range has accelerated to around 7,000 points. The continued compression of the range often leads to breakthroughs. This week is facing the key point of the interest rate meeting. I hope that the interest rate meeting can change the daily trend. Otherwise, it will continue to fluctuate and the market will naturally break through in 2-3 weeks.
$BTC