24/09/19 The first interest rate cut of 50 basis points in four years, BTC daily line broke through 62000, and the convergence triangle pattern was officially broken
Last night, I set the alarm clock to watch Powell's speech. First, the Fed's dot plot showed that the median forecasts for the federal funds rate from 2024 to 2026 were 4.4%, 3.4%, and 2.9%, respectively. (The forecasts for June were 5.1%, 4.1%, and 3.1%, respectively.) The U.S. stock market rose, and the S&P 500 hit a new record high before falling back. The big cake plate rose to 61,300. After Powell's speech at 2:30, the plate fell to a minimum of 59,473 and then continued to rebound and broke through 62,000 in the morning.
A 50 basis point rate cut is good for the short term, but there are still concerns about economic recession in the long term. However, last night, Bao repeatedly emphasized that there is no problem with the economy, but the US stock market did not buy it. As of the close, the three indexes rose and fell. The US dollar index hit a low of 100.2111 and now returned to 101.3254. The resilience of the US dollar is really not covered by the bottom support for 5 weeks. London gold hit a high of 2599.89 and then fell back to test the top support of the wedge. Now the financial market is a little unwilling to buy or worry about economic recession. It depends on the market reaction.
Flatbread
Many people only saw that the market was rising, and once they chased in, they lost money. It rose 5,000 points and retreated 3,000 points, and rose 3,800 points and fell back to 2,200 points. The copycats were even more aggressive in washing the market. Chasing during the daytime was a problem in the middle of the night. The trend we predicted on the 16th is still going on. In the middle, it fell below the 4H upward trend and returned. On the 17th, we reminded that if we hold 57,500, there is a chance to break through the 70,000-65,000 downward trend line, and there is a chance to challenge 63,500-65,000.
The daily line breaks through the convergent triangle. As long as it stays above 60,500, we will continue to be bullish and first look at the pressure of 65,000. If it breaks through the next target of 68,000, the upper edge of the rising flag, if it is under pressure and falls back to around the 3-day line MA120, it will still be an opportunity to increase positions.
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ether
Yesterday, I also said that the rebound of Ethereum is relatively weak, but I don’t recommend shorting at this position. Bitcoin continues the idea of 16. Ethereum will see where it will rise to if it has a chance to make up for the rise. Let’s look at 2665 first. Many copycats have come out of the bottom and are bullish signals SOL and SSV...
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