Bitcoin

Yesterday's overall performance was volatile, with resistance around 26700. In the late trading session, as expected, the market retraced to near 26000 and found support, then rebounded as expected. The pressure and subsequent fall, followed by a rebound after a dip, reflects a significant divergence between bulls and bears. The reason for this divergence lies in the fact that last week's decision by the US Federal Reserve to maintain the existing interest rate did not have a significant impact on the price of the currency. In the speech after the interest rate decision, Powell once again expressed a strong hawkish attitude. The existence of these two contradictory factors has led to the current unclear trend of the currency price, which is responding to this indeterminate risk in a volatile manner.

On the daily chart, a positive candle was formed yesterday, and the market is still running below the moving average band. The moving average system continues to maintain a volatile trend, providing technical support for the bulls' rebound and buying sentiment in the market's risk aversion. However, the factors of market selling pressure caused by last Thursday's significant decline and the second drop over the weekend may still have some influence. Even with technical strength, Bitcoin is unlikely to have much support in the short term, and without stimulating data this week, the market's hawkish expectations will also to some extent restrict Bitcoin's rebound space.

Combining the daily chart and the hourly chart, Bitcoin is still maintaining a view of volatility in the short term. This kind of volatile pattern may require a major positive catalyst to break through, and the Federal Reserve may become the biggest destabilizing factor affecting Bitcoin's trend.

Technically, attention should be paid to the short-term resistance at yesterday's rebound high of 26400, but the main resistance is still around 26700. If the market continues to rise under buying sentiment, then attention may be paid to the trend line pressure around 27000. In the evening market, the focus is still on the battle for Fibonacci 0.5/26150 and 0.618/25850. On the short-term chart, the market has not yet tested the Fibonacci 0.618/25800 support level, and its short-term support role has been strengthened. However, once it falls below this level, it is likely to determine the possibility of the short-term trend returning to a downtrend.

In the evening trading, it is mainly recommended to go long at lower levels.

Bitcoin: It is suggested to go long when it touches below 26100, with a target around 26700, and a stop loss at 25750.

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