Market Sentiment:
Chart Structure:
Bitcoin:
The structure of Bitcoin on the 1-hour chart is currently following the same pattern as expected yesterday. The retracement here on the 1-hour downtrend core must not break the yellow support line. If it does break, it will need to oscillate again. If it doesn't break, there is still a chance to continue pushing higher and form an upward trend on the 1-hour chart, possibly reaching around 28,000. However, it is also highly probable that it will retrace and continue to oscillate. Nevertheless, relatively speaking, the Fed was still very hawkish yesterday, and the market only responded with a minor drop, indicating that the market still values the expectation of interest rate hikes. Moreover, as time passes, the cycle is favorable for risk assets, mainly because the most difficult times have already passed.
The structure of Bitcoin on the 15-minute chart shows the formation of another 15-minute center. At the moment, there is no clear direction. Patience is needed to allow the market to choose its own direction. However, if it goes up, the expected space won't be too large, as shown in the first image. But if it goes down, there is also support, so it is highly probable that the main trend will still be low-volatility oscillation.
Ethereum:
The structure of Ethereum on the 1-hour chart shows that Ethereum has indeed fallen back to the lower boundary of the 1-hour center. If Bitcoin continues to oscillate, Ethereum may break below this lower boundary. Relatively speaking, Ethereum is indeed much weaker. If it breaks the 1-hour center, it will probably be very difficult to break through the center on a rebound. The pressure will gradually increase.
Trading Strategy:
Invest with caution. This article is not intended as a basis for trading.
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