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Time of writing: 14:52, September 20th, Beijing time
Market Information
Ripple APAC Managing Director: The Asia-Pacific region is more conducive to the development of the cryptocurrency industry than the United States, and the election will not bring any short-term changes.
The net inflow of the US spot BTC ETF is 158 million US dollars, and BTC has finally surpassed the 64,000 mark.
Standard Chartered Bank believes that Bitcoin will rise after the Fed's interest rate cut.
US Treasury Secretary Yellen: The Fed's actions are a very positive signal for the US economy.
Cryptocurrencies surged after the Fed's interest rate cut, and Bitcoin-related stocks rose.
Market Review
The result of the Fed's interest rate meeting was a 50 basis point cut. In fact, the Fed did not intend to cut interest rates by this much, but due to the pressure of domestic bonds in the United States and the excessive inflation of the US dollar that cannot be internally absorbed, it had to increase the magnitude of the interest rate cut to resolve the issue. The impact on the cryptocurrency market is that the cryptocurrency market will take the opportunity to rise again, and the future market trends will continue to rebound.
In terms of market trends, we made a simple prediction before the interest rate meeting. For Bitcoin, we need to pay attention to the levels of 62,300 and 65,000. On the night of the interest rate meeting, the market stabilized at the 62,300 level. Since it has stabilized here, we need to look at the 65,000 level next. The upward momentum of Ethereum is also only evident after the interest rate meeting, indicating that there is some capital inflow. The highest point is at 2,557, and the 2,675 level has not been reached yet. Based on Ethereum's performance today, it indicates that the market is slowly becoming more active, and Ethereum's future performance may be even better.
Market Analysis
BTC:
Looking at the daily chart, currently, Bitcoin stabilized above 62,300 and reached the 200-day moving average pressure near 64,000 but did not continue to rebound. There should not be significant market trends in the next few days, especially over the weekend. In the short term, we need to pay attention to the pressure situation of the 200-day moving average at 64,000. If it cannot be broken through in the next few days, the market will experience a wave of pullback before rebounding. Conversely, if it breaks through and stabilizes, then 65,000 will basically not be held. Below, we will look at the pressure situation near 69,000 after reaching it. In short-term trading, the current strategy is to consider long positions at lower levels, with recommended levels at 63,000. If there is no pullback and the daily chart stabilizes at 64,000, it can be directly chased for gains, with the target set at around 68,000 to 69,000. Manage risk in short-term trading, and take responsibility for gains and losses.
ETH:
Looking at the daily chart, Ethereum has been silent for too long. After the interest rate cut, today's upward momentum is somewhat stronger, but still not enough. It has been oscillating at the bottom for a long time. The upper pressure range for Ethereum is still 2,560-2,675. Currently, it has only reached near 2,560, and we still need to pay attention to breaking through the 2,675 level to see further upward momentum. In the short term, Ethereum trading strategy will also follow Bitcoin's. Focus on long positions after pullbacks, with recommended levels near 2,500, and the target is to observe the situation after reaching near 2,675. Manage risk in short-term trading, and take responsibility for gains and losses.
In summary:
Both Bitcoin and Ethereum are showing bullish trends due to the impact of the interest rate cut. It is recommended to focus on long positions in trading and not to short for now.
The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!
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Buddhist saying: "Impermanence" is the norm of life. Here, "impermanence" refers to uncertainty and unpredictability. Everything that causes us pain is due to excessive pursuit of certainty, such as: love, family, work, and friendship. Therefore, investment is based on the ability to defend and attack, using limited funds that can be tolerated to amplify infinitely, rather than constantly defending; In short, use limited money that does not affect the quality of life to do things that, once successful, can change fate or improve life. Defense is only to prevent things from getting worse, while offense can make things better.
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