The interest rate cut at 3:00 AM last night was expected, with a reduction of 25 basis points. Overall, the impact on the market is minimal; it has to go down regardless. Currently, the market sentiment is bullish before the good news lands, and bearish after it lands. It can also be viewed this way: the surge two days ago was brought about by this round of interest rate cuts, as the market digested it in advance and moved ahead. Is the market always one step ahead of you? A cut of 25 basis points is no longer enough to attract capital inflow; it needs to be 50 basis points. Such unexpected super-positive news would lead to a violent market reaction. The futures market expects the Federal Reserve to cut rates by a cumulative 55 basis points next year, slightly increased from before the meeting, with a 24.4% probability of a 25 basis point cut in January next year. Bulls can only hold on until the rate cut in January next year; December is also year-end, and with all the good news already out, it's a time to be more vigilant about risks, maintaining rationality. On the 19th, there is also news about interest rate hikes, and at the end of the month, the impact of Christmas fund returns, so being cautious is not a mistake!
Returning to Bitcoin, Bitcoin 9 experienced a soft landing after hitting around 94000, showing weakness, and the highest after last night's interest rate cut only reached around 94500. Subsequently, a long bearish candle formed on the 4-hour K-line, so the resistance around 94 has not been broken (only a breakthrough of the entity K-line can be considered effective). Additionally, a double bottom structure formed near 94, then retraced to support around 895. Currently, there is a rebound at the 1-hour level, and any subsequent rebound to around 94 still allows for considering short positions. If support at 89500 is broken, long positions should stop loss and not hold onto the position.
Bitcoin's resistance today is around 93300 and near 94500
Support below is around 89500 and near 88000
Ethereum is performing stronger than Bitcoin due to favorable upgrade news. Last night's trend showed Bitcoin wanting to go down while Ethereum wanted to go down, reaching a high near 3450, still a bit short of 3500. For those inclined to go long, Ethereum can be considered first. The current position does not recommend entering; it might be more appropriate to wait for a rebound before considering short positions.
Ethereum's resistance today is viewed around 3320 and near 3450
Support is seen around 3165, 3090, and near 3004
Finally, I'll end today's content sharing with a sentence: The trend is your friend.
View rationally, and do not make any investment advice! $BTC
