The three major U.S. stock indices continue to open lower. After Powell's first interest rate cut in the early morning, he issued a warning that current stock price valuations are quite high! U.S. stocks plunged across the board! Tech stocks collectively fell, rebounding before the rate cut and adjusting after the cut is basically in line with expectations. U.S. stocks have been slowly rising without a significant correction since April 9, which is actually very abnormal. As long as the correction does not drop back to the highs before February, the outlook remains bullish.

The implied volatility of Bitcoin is at its lowest level since 2023. The Bitcoin price rebounded before the rate cut but did not break through the 0.618 retracement, which is not strong. After the rate cut, the first support to watch is the 109,000 to 110,000 range. For October to perform well, it cannot drop below 107,000; if it does, the adjustment time will extend, increasing the probability of dropping to 100,000.

Bitcoin

The daily chart has dropped to MA 120 and has rebounded. The MACD has crossed below the zero line, and the OBV indicator's white line has touched the yellow line again. Next, we will focus on the support of the yellow line. If it can hold here, combined with the support of MA 120, we will see how long it needs to adjust before it can rise to the upper pressure of 115,400.

The 4-hour chart shows a bottom divergence leading to an upward rebound. Next, pay attention to whether it can return above 115,400, while also monitoring the 4-hour descending channel.

Support: 109,000 to 111,000

Resistance: 115,400 to 118,000

Ethereum

The daily chart of Ethereum has dropped to the bottom of the range, where one can consider entering a position with a stop loss at 4,060. If there is another false breakdown followed by a recovery, it will still be an entry opportunity. Next, we will look at the height of its rebound. The analyst had predicted this kind of movement a long time ago, but currently, from the technical indicators, it still leans bearish. The ETH/BTC exchange rate has already corrected for four weeks, and there is a chance to retest MA 20 and MA 60 before looking for a rebound.

Support: 2,850 to 4,060

Resistance: 4,450 to 4,650 to 4,788

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The article is time-sensitive and for reference only, updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Official account: BTC Trading Prince Fusu

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