The Bank of England cut interest rates by 25 basis points, and the Federal Reserve also continued to cut rates by 25 basis points as expected, with another opportunity for a 25 basis point cut in December if all goes well. Bitcoin peaked at 76,849, while Ethereum strongly rebounded to a high of 2,954.

The three major U.S. stock indices all reached new highs, and after a significant rebound in U.S. Treasury bonds for 5 and 10 years, a correction occurred. Previously, Bitcoin struggled to break through its previous high, with the Dow Jones falling for two consecutive weeks, and the Nasdaq and S&P 500 being rejected at their previous highs, raising some concerns about a potential downturn. However, Trump reached a new high just three days after taking office. Currently, attention should still be paid to the Nikkei index, which has been oscillating at the high level of 42,428 for nearly a year without significant movement.

Bitcoin

Since the rebound from 52,500, Bitcoin has formed an upward channel on the daily chart, and the current price line is below the upper channel. It is important to note that on the hourly level, there is indeed a divergence, and it is also forming an upward channel. If it breaks below the smaller upward channel, consider a pullback with several support levels at 72,700—74,400. It is not recommended to chase the price; those without positions may consider adding to their positions at these levels.

However, I am more inclined to the trend that broke through 31,800 in 2023, which oscillated for over 40 days from 31,800 to around 40,000. Currently, the 4-hour chart is also oscillating upward.

Support: Pressure:

Ethereum

Ethereum has strongly broken through 2,800, and the daily downtrend has also been broken. Ethereum's rebound reached a high of 2,954, but on the 4-hour chart, it faced resistance after a short-term upward spike. The support below is at 2,778. From the perspective of the daily moving averages, although Ethereum has risen over 20% in three days, the moving averages have not yet caught up, indicating a need for a pullback.

ETH/BTC rebounded after breaking below the daily bottom, testing to see if it can effectively recover. If it does, altcoins may have a good market ahead. If it cannot recover, a widespread rally in altcoins will still be difficult to achieve.

Support: Pressure:

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This article is time-sensitive and for reference only, with real-time updates.

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

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