Good evening, brothers!
Yesterday's analysis:
Will there be a rebound after the market's sharp decline?
Today the market fell sharply again, which was expected. There’s no other reason; it’s just that the market had risen too much. After a significant rise, a correction is normal, and after a significant drop, a rebound is also normal.
As the market corrects, the trading congestion of the Shanghai Composite Index is at 37, the Shenzhen Composite Index at 39, and the ChiNext Index at 49. Overall, the correction is not too severe; it would be better if it could correct a bit more.
Of course, a small rebound to reduce positions and take profits would be better for us, haha.
…….
On the eve of the highly anticipated Federal Reserve's September interest rate meeting, there are significant divisions within the Federal Reserve regarding the timing of interest rate cuts. New York Fed President Williams supports a gradual rate cut, while Cleveland Fed President Hammack opposes a rate cut in September.
On Thursday, Fed "number three" Williams stated that if economic development meets expectations, it would be "appropriate" to lower interest rates over time. He emphasized that the Fed must maintain a "delicate balance" between supporting the job market and controlling inflation, with current monetary policy remaining moderately tight.
BTC: On the 4-hour level, the price continues to stay near the upper Bollinger Band, and the price trend remains strong.
On the daily level, the price continues to stay above the moving average support, and the price trend remains strong.
In summary, support level at 112700, resistance level at 113100.
ETH: On the 4-hour level, the price continues to stay above the middle Bollinger Band, and the price trend is strong, with a support level at 4440 and a resistance level at 4470.
LTC: The price continues to stay near the upper Bollinger Band, and the price trend remains strong, with a support level at 112 and a resistance level at 116.
BCH: The price continues to stay near the upper Bollinger Band, and the price trend remains strong, with a support level at 590 and a resistance level at 620.
That's all for now, good night!
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