This week, the market will see the latest interest rate decisions from several central banks including the Federal Reserve, Bank of Japan, Swiss National Bank, and Bank of England. The most anticipated event is the Federal Reserve interest rate meeting.
Thursday 02:00 - The Federal Reserve will announce its September interest rate decision.
02:30 - Federal Reserve Chairman Powell will hold a press conference.
Thursday 15:30 - Swiss National Bank will announce its interest rate decision.
Thursday 19:00 - Bank of England will announce its interest rate decision.
Yesterday morning, we suggested a high short strategy, and the coin price rebounded to near 27470 in the afternoon. Then, according to our morning strategy, we shorted near 27400, retracing to around 27067. The back and forth of long and short positions yesterday was publicly advised, with a total gain of over 1000 points for Bitcoin. Ethereum gained over 30 points. This illustrates the importance of sticking to your own strategy and not being swayed by market sentiment. At 2:00 am on Thursday, the Federal Reserve will officially decide whether to raise interest rates. The result of this meeting is expected to have some impact on the market, so friends in the coin circle can pay special attention. Recently, the market has not shown clear one-sided signals, so it is still possible to maintain high short and low long positions within the range.
The four-hour chart shows that the coin price has surged multiple times but has not broken through the upper resistance level. After several attempts near 27500, there has been a clear stagnation, indicating that the upper resistance level is still strong. We can focus on positioning around the short-term resistance level near 27500 for subsequent short positions. The recent market trends need not be emphasized too much, as there will not be clear one-sided movements. It is common for the market to drop as quickly as it rises.
In the morning, it was suggested to short near 27300-27500 for Bitcoin and 1650-1660 for Ethereum.
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