Back to the market, the daily support has been successfully broken, and the weekly support has been tested for the first time and then rebounded, but at present, the rebound is really weak.
I originally planned to place a long order at 54,100. Seeing this situation, I also left the market directly. This steady decline is a bit dangerous.
In terms of macro sentiment, the only sentiment that can drive bulls is a 50 basis point interest rate cut under the premise of economic stability, and it is difficult to say how long this bull drive will last.
I think the risk of short-term low-long rebound seems to be greater.
If it continues to fall, there is not much effective support below. In addition to the integer level of 50,000, the previous low of 49,000 is actually the most watched. Once this position is broken, the BTC price may continue to fluctuate and fall. On the contrary, if it rebounds above 49,000, even if it remains volatile, it is an optimistic expectation of effective bottoming.
As for the situation of CME BTC futures market, it is basically at parity. Tonight's #BTC☀ futures market, from a small positive premium before the data was released, to a significant positive premium later, and then after the opening of the US stock market, BTC fell, and a positive premium of 1,500 points appeared in the short term. Until now, it has remained at parity. Tonight's futures market is fierce, and the longs should be liquidated miserably.
Of course, for entertainment effect, I will place a long order near 53,200 on the weekly level. The position will not be large. Even if it is a test, don't follow it. There is not enough confidence at this position. It is just a rebound to see the situation.
