November 24: Bitcoin and Ethereum rebound over the weekend, but the upward momentum still awaits guidance from the Federal Reserve data.

CN
5 hours ago

The Federal Reserve's December interest rate meeting remains a major event that affects market nerves. Last week, the probability of a rate cut fluctuated with the back-and-forth between hawkish and dovish sentiments, leading to extreme market panic and heavy selling pressure. Currently, the probability of a 25bp rate cut by the Federal Reserve in December has risen to around 69%. After a weekend of sideways adjustment, with a shift in ETF fund flows, short-term buying has slowly pushed prices up. Bitcoin faces resistance at 90,000 for a rebound, and whether it will face pressure or continue to break upward depends again on the guidance of relevant data from the Federal Reserve this week, as the statements from Fed officials are the primary factor behind recent market volatility.

Today is Monday, and the daytime is expected to rebound before falling back into a sideways fluctuation, with not much volatility. The evening session in the U.S. market is very important; if the statements are favorable for the market, Bitcoin will see a rebound. However, if it follows the pattern of last Thursday and Friday, with a short-term rebound followed by a drop, it will then test lower points, likely breaking below the 80,000 level.

During the day, Bitcoin support is focused on the 83,500 and 82,000 levels, while resistance is at 88,000 and 90,000 levels.

Short-term trading suggestions for Bitcoin:

1. Buy near the 83,500-82,500 area on a pullback, target 84,500-85,000

2. Sell near the 88,000-89,000 area on a rebound, target 87,000-86,500

Ethereum, like Bitcoin, has seen a price stop decline following the adjustment of the Federal Reserve's rate cut probability and the inflow of main funds. After a slow rebound and consolidation over the weekend, the current price is testing upward towards 2,900, while the previous support at 3,000 has turned into a resistance area to overcome. Whether the bulls can push further will depend on the influence of the Federal Reserve's views during the U.S. market phase, as well as the easing of market sentiment and whether the inflow of main funds continues. The daytime is expected to see a rebound followed by a correction.

Short-term trading suggestions for Ethereum:

1. Buy near the 2,750-2,670 area on a pullback, target 2,800-2,850

2. Sell near the 2,900-3,000 area on a rebound, target 2,850-2,800

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

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