The internal divisions within the Federal Reserve remain severe. Yesterday, Federal Reserve Vice Chairman Jefferson stated that the risk balance in the U.S. economy has tilted downward towards employment, with interest rates nearing neutral levels, and further rate cuts need to be "gradual." Meanwhile, Federal Reserve Governor Waller reiterated his view that the Fed should cut rates again, supporting a rate cut in December… With the consensus within the Fed no longer existing, the expectation for a 25bp rate cut in December has dropped to 42%…

Amid negative market sentiment, major funds continue to flow out, with net outflows from Bitcoin and Ethereum ETFs persisting, exacerbating panic selling. Bitcoin's price fell again in the early morning, hitting a low of 91200, while Ethereum dropped to 2960… Although there was a rebound in the morning, the strength was not significant. This decline was anticipated, as last week's panic sentiment carried over into this week, with emotions dominating the market and bears still controlling the pace.

On the technical side, a death cross has formed on the monthly chart, and the MACD indicators on the daily and weekly charts remain bearish, with clear bearish momentum. Bitcoin is currently testing the 90000 support zone, while Ethereum is challenging the 3000 level. However, this week's non-farm payrolls and the Fed are not favorable for bulls, and the probability of breaking down and continuing to fall remains high. Nevertheless, the monthly line is about to allow for a mid-track test around 88000, which is expected to see a rebound. Recently, the rhythm has been oscillating downward, with corrections after overselling. For Asia and Europe, we first look for rebound conditions, with short-term resistance at 94500 and 96500 above, and support at 91000 and 90000 below.

Short-term trading suggestions for Bitcoin:

1. Buy near the 91000-90000 area on a pullback, target 92000-93000

2. Sell near the 94000-94500 area on a rebound, target 93000-92500

Ethereum is also declining like Bitcoin, with record-breaking outflows of major funds and weak buying pressure, indicating cautious market support. In this situation, it is difficult for bulls to mount an effective counterattack due to the influence of market sentiment. On the technical front, the price has first broken below 3000, and the next target is 2800, where there will be strong support in the previously dense buying area. The intraday trend also suggests looking for a rebound in Asia and Europe, with short-term resistance at 3200 and 3260 above, and support at 2950 and 2800 below.

Short-term trading suggestions for Ethereum:

1. Buy near the 2950-3000 area on a pullback, target 3050-3100

2. Sell near the 3200-3260 area on a rebound, target 3150-3100

【Friendly reminder: Market conditions change rapidly, suggestions are for reference only. For more real-time consultations, feel free to communicate with me online.】

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