In the early hours, the newly appointed chairman Waller completely removed all wording implying a “easing tendency” and forward guidance from the statement, clearly stating “I can’t tell you what we will do next,” marking a shift in the Federal Reserve’s stance from “dovish wait-and-see” to “hawkish,” and the market reacted quickly, with Bitcoin dropping from around 66,400 to 63,880 this morning, while Ethereum peaked at 1,795 before falling to 1,724, perfectly realizing the bearish outlook!
Our article last night noted that the short position at 66,300 achieved its second target of 64,000 as expected, and the short position on Ethereum at 1,795 also met its target. We recommend everyone to reduce their positions in a timely manner and continue to hold; today’s outlook remains bearish.
On the daily level, the 21/55/144-day moving averages are in a bearish arrangement. The short-term 21-day moving average is pressuring around 66,500, and the price has now broken below the middle band of the Bollinger Bands. The KDJ indicator is forming a death cross, expanding downwards, and the MACD fast and slow lines on the four-hour level are forming a death cross, extending downwards, with red volume bars decreasing below the zero axis. The larger cycle remains bearish; we advise to continue to layout short positions at the resistance level upon rebound.
Resistance for Bitcoin lies around 65,555 to 66,000, as well as current price pressure at 64,800 from the EMA55 daily moving average. Watch for support below at 63,900 (previous expansion line at 0.618 position) to 63,200 to 62,200 to the 60,000 level to around 59,666.
Pay attention to the above points with light positions; if another entry opportunity arises, participate with a light position. If you can’t enter, then hold onto yesterday's high-positioned short positions and keep looking down. Everyone interact more, give a thumbs up or drop a comment to let me know we are together! We can adjust our strategies in a timely manner, wishing everyone successful trading!
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