BTC breaks and falls, and $10,000 becomes an important breakthrough in the market
this morning,The Fed cut interest rates again by 25 basis points as scheduled, and the federal funds rate was lowered to 1.75%-2.00%. It was the second rate cut since late July.
Cutting interest rates can be simply understood as releasing liquidity, reducing corporate financing costs, and preventing the economy from falling into recession, this is the monetary control policy in the traditional economic field, but it has little to do with the currency circle.
The digital currency market has been developed to the present, and it is still only a niche market. Before regulatory compliance, big money cannot come in, the market volume is small, and the scope of user participation is low. thereforeThis kind of traditional economic policy is difficult to affect the digital currency market, It is more just the wishful thinking of insiders. What has an impact on the currency circle is events such as geopolitical crises and supervision.
In the short to medium term, what affects the digital currency market is the game of stock funds among market makers, retail investors, and exchanges. The big head of the game is on the BTC market. Before BTC takes action, the short-term actions of mainstream currencies or altcoins are just a trial of a local battlefield, and it is difficult to change the overall trend.
In the past week or two, the mainstream currencies have taken turns to make up for the increase. It seems that the market has come back, but in fact it is the fluctuation of BTC during the intermission. BTC fell for a short time this morning, with an amplitude of more than 5%. The decline of mainstream currencies is proof that the market is still decided by BTC.
Because the mainstream currency has recently risen in the range of 10-30%, the trend is strong, and the strength of retail investors to buy bottoms and take orders is relatively sufficient. Therefore, when BTC fell slightly, it only followed the decline instead of falling like before. This shows thatThe short-term market of this round of mainstream currencies is not over yet, everything still depends on how BTC will go next, and whether it will be given a chance to go on
That is to say,The short-term market of this round of mainstream currencies is not over yet, everything still depends on how BTC will go next, and whether it will be given a chance to go onOperation suggestion:
Operation suggestion:
BTC: Daily line level, although it fell for a short time, but the release of the volume is not enough, the market is still in a triangle shape, fell below the MA120 daily moving average, and the overall trend is bearish.
As mentioned in yesterday’s article, we need to beware of the risk of BTC’s changing market. This morning’s large-scale decline broke below the short-term support of 10,000 US dollars. If it is not recovered for a short time, it means that the position is officially broken, and 10,000 US dollars has changed from the previous strong support to short-term support. Strong pressure position, the shock range moved down from the 10,000-10,500 USD range to the 9,300-10,000 USD range. The current point can be fixed investment, but it is not suitable for short-term bottom-hunting, because the market breaks, it means that the short-term bears have the upper hand, and the bulls avoid it.
ETH: Short-term decline, 196-202 US dollars is a short-term buffer zone, if it does not break the position, there is still a chance to rebound again.
LTC: Following the decline of the broader market, the daily line level is suppressed by the MA60 daily moving average (80 US dollars), and the short-term support is 70 US dollars.
BCH: Short-term retracement, once again testing the support of the 300-310 USD range, if the support is not broken, there is still hope to impact the 330-360 USD pressure range.
EOS: The first step is to sort out the stagflation trend at a high level, which shows that the market is under pressure. Naturally, when the BTC market breaks, the decline is relatively large, and the short-term support is 3.7-3.8 US dollars. If it can stop falling in this range, there is still hope for a rebound , the upper pressure is 4 dollars.
XRP: The short-term retracement is relatively large. At present, it is looking at the consolidation situation around 0.3 US dollars. If it cannot be recovered, there is a risk of continuing to fall.
TRX: In the short term, it followed the market’s retracement, and the range of 0.016-0.018 US dollars fluctuated, and there was no independent market.
Platform currency: The overall trend follows the market trend, and it is difficult to have an independent market in the short term. BNB has a large short-term retracement. Although there is good news to stimulate, it is hard to change the trend. The short-term shock range is 18-24 US dollars; HT, OKB and GT continue to trade sideways, with small fluctuations.
