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The Fed’s 50 basis point rate cut is of course good for the cryptocurrency market. After a brief decline to $59,500 yesterday, Bitcoin surged upward again, hitting a recent high. So far, the price of Bitcoin has reached $62,500 and has fallen back. So can Bitcoin maintain its weekly turning point position, and have the altcoins begun to bottom out?

Today we will talk about these two topics. The price trend of Bitcoin. The day before yesterday, Bitcoin ushered in a long positive line with a certain upper shadow, indicating that there was selling pressure from above, and formed a positive line through the mountain. At the same time, it formed a three-step forward K-line combination pattern with the K-lines of the previous four days. In Jiu Ge’s opinion, it is very likely to form a large fluctuation range or a shock consolidation range yesterday. Of course, it is not ruled out that it may continue to be affected by good news and attack upward. After the lowest point fell back to the ten-day line of 59,200 US dollars, it attacked upward again, and the daily moving average showed an upward divergence. This is the first point.

Secondly, Bitcoin has also broken through the downward trend line from $70,000 to the present. So after it breaks through the downward trend line, if it falls back to $60,600, it may be supported to a certain extent. The pressure level above it, in the short term, we should see around $65,000, which is the upper track of the channel and the relatively horizontal pressure level of the previous downward trend line. For downward support, please refer to the five-day moving average and the ten-day moving average. For upward pressure, we should refer to the upper track of the channel and the previous horizontal trend line, which is around $65,000.

If you didn’t enter the market at $59,500 yesterday, is there still a chance to try to take a chance on the rebound? If you don’t have a position at $60,600, you can consider taking a chance here!

The next short-term opportunity for Bitcoin is to look at Bitcoin from a daily level. From a weekly level, if Bitcoin shows an unusual breakthrough, we will be optimistic about the future market trend of Bitcoin in the next few months.

Jiu Ge repeatedly emphasized some time ago that our standard is that the weekly chart of Bitcoin must form a three-way cross between 5 weeks, 10 weeks, and 30 weeks. Secondly, its MACD indicator should preferably form a golden cross above the 0 axis. If a golden cross resonance is formed here, it means that a new upward trend of Bitcoin has been established, but it is still a little short of the heat. At present, the price trend of Bitcoin seems to be moving in the direction we expect. Its 5-week moving average has begun to turn upward. Today is Thursday. Let's see whether it can close with a medium-long positive line on Monday next week, and it is best to form a golden cross between 5 weeks and 10 weeks. At that time, we can once again advance our positions.

Wait patiently for this exciting moment to arrive. Before it is confirmed, we cannot make aggressive operations. Considering the uncertainty of Bitcoin and the entire trading market, we must adhere to the trading philosophy of not predicting or speculating, and wait for further confirmation of the market. Of course, we just talked about that if you are short, you can consider adding some positions when Bitcoin falls back to the daily level of 60,600 ~ 60,700. If you think the price of Bitcoin is expensive, it may be more expensive in the future. In addition, the daily MACD indicator fast line begins to upload the 0 axis, which is a good phenomenon. Looking back at the price of Ethereum, it is still consolidating below the daily 30-day moving average of 2,450 US dollars, and its performance is weak. From the weekly chart level, does Ethereum have any chance? The MACD indicator is gradually turning around, so at this position, Ethereum may make up for the upward wave after stabilizing at this place.

What is the reason? The exchange rate between Ethereum and Bitcoin has reached a critical position, so it depends on whether Ethereum will make a further upward impact driven by favorable news.

Regarding the trend of altcoins, we should focus on the overall performance of altcoins. Its market share has once again come near the very critical support trend line.

From the monthly chart level, the market share of altcoins just fell on the rising trend line in 2017, 2020 and 2021, and fell on the trend line again in June 2023 and September 2024. From a technical point of view, there is no reason why the market share of altcoins should not rebound upward. We can also see some clues from the weekly level. As the weekly level is also consolidating at this position, the MACD indicator is gradually beginning to have the possibility of a golden cross. Under this circumstance, the overall performance of the altcoin market will usher in a new situation. We must patiently wait for Bitcoin to break through the inflection point at the weekly level and form what we call the standard
For those who miss out on opportunities or have empty positions, I want to emphasize that if you still feel anxious, it should be a problem of your mentality. Let's review the trading philosophy that Brother Jiu shared with you every time in the student class. Is it the price that fluctuates, the waves that fluctuate, or our hearts that fluctuate? If the fluctuations of K-line and price affect your heartbeat, it means that your cultivation is not in place. If Bitcoin can stand firm and start a new trend of rise, do you think there will be a lack of opportunities?

The key is whether Bitcoin can stand firm! This is our top priority!