Last night, I set the alarm clock to wake up and watch Powell's speech. First, the Federal Reserve's dot plot showed that the median expected federal funds rate for 2024 to 2026 is 4.4%, 3.4%, and 2.9%, respectively. (The June expectations were 5.1%, 4.1%, and 3.1%.) After the stock market rose and the Dow Jones and S&P 500 hit new historical highs, Bitcoin rose to 61300, but after Powell's 2:30 speech, it fell to a low of 59473 before rebounding and breaking through 62000 in the morning.

A 50 basis point rate cut is a short-term positive, but there are still concerns about long-term economic recession. However, Powell emphasized multiple times last night that the economy is not a problem, and the stock market did not buy it. By the close, the three indices rose and then fell, and the US dollar index hit a low of 100.2111 before returning to 101.3254. The resilience of the US dollar is indeed not to be underestimated, with support at the bottom for 5 weeks. After hitting a high of 2599.89, London gold retraced to test the top support of the wedge shape. The financial markets are a bit skeptical or worried about economic recession, and we still need to see the market's reaction.

Bitcoin
Many people only see the rise in the market and enter, only to suffer losses. It pulls back 3000 points after rising 5000 points, and pulls back 2200 points after rising 3800 points. The altcoins are even more adept at washing the market. Chasing after the market during the day always leads to trouble at night. The trend we predicted on the 16th is still ongoing, breaking below the 4-hour uptrend and then returning. On the 17th, we reminded to hold above 57500 for the opportunity to break the downtrend line of 70000-65000, with a chance to challenge 63500-65000.

Daily chart broke through the converging triangle. As long as it stays above 60500, we continue to look for long positions, first targeting 65000 resistance. If it breaks through, the next target is 68000, forming an ascending flag. If it comes under pressure and retraces near the 3-day MA120, it is still an opportunity to add positions.
Support:
Resistance:

Ethereum
Yesterday, it was also mentioned that Ethereum's rebound was relatively weak, but it is not advisable to be bearish at this position. Following the train of thought from the 16th, look for opportunities for Ethereum to rise, first targeting 2665. There are many altcoins showing bullish signals after hitting bottom, such as SOL, SSV…

Support:
Resistance:

If you like my views, please like, comment, and share. Let's navigate the bull and bear markets together!!!

The article is time-sensitive and is for reference only, with real-time updates.

Focusing on candlestick technical research, for a win-win global investment opportunities, follow the public account: 交易公子扶苏

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。