Daily Market Analysis
1. Just now, Japan announced an interest rate hike of 25 basis points, and Bitcoin surged.
2. After the CPI data was released, the probability of a Federal Reserve rate cut increased from 26.6% to 28.8%. It's a slight improvement, but last night, U.S. stocks continued to rise.
3. Brother Maji chased the market yesterday, buying high and selling low, and now only has losses left; 1011's insider is still increasing long positions, currently down 75 million USD.
Back to the market, yesterday's trend was still puzzling, with the S&P and Nasdaq rising sharply, while Bitcoin fell significantly, a typical case of following the rise without following the parent. The crypto market is like a rich girl – unpredictable moods, and you never know which direction she will take.
First, looking at BTC, from a long-term perspective, BTC has shifted from a large channel to a large range. Yesterday, it broke the support level of 850 and fell to 844. The movement yesterday was basically in line with the trading strategy outlined in yesterday's analysis.
Although BTC is in a range, the upper and lower boundaries are unclear. Until the range is broken, trades should be based on the range strategy, but since the boundaries are unclear, it's best to enter in batches, ideally entering two or three times at significant support levels.
BTC 844-835 buy in batches 900-910 sell in batches
The movement of ETH is also similar to yesterday's analysis, with a similar trading strategy. The downward channel has not been broken yet, logically, trades should still follow the downward channel strategy, shorting at the trendline and support-resistance swap points, and going long at the channel line and significant support levels. The downward channel is essentially a bullish pattern, and if it breaks the trendline, one should be bold in going long.
Just as the writer was composing, ETH pierced to the best shorting position.
ETH 2920-2960 short 2750-2700 long
