Bitcoin, Ethereum recent market analysis

After the interest rate cut, market sentiment has明显低落, and funds are slowly flowing out of the market. The market is experiencing a全面回调, and the depth of the pullback is still比较大. Many traders feel that the market has已经走熊. However, I believe there will still be a wave of强势的上涨 in the future. Why? Because, regarding interest rate cuts, there may still be两次降息 this year, and the利好 from the rate cuts is still there, so from a long-term perspective, the market is看涨. A market with涨 and 跌 is healthy and is a正常的走势.

In this wave of decline, the Bitcoin drop is around 7.8%, the Ether drop is around 20%, and the drop of other mainstream coins like Sol is around 25%, while BNB's drop is around 14%. Overall, the declines are quite significant. The previous round of correction, which was at the beginning of August, lasted about 32 days, while this round of correction has only lasted about 16 days. Now, no one can determine if this is the bottom; we can only wait for the appearance of bullish signals before making trades accordingly.

Back to the market. Bitcoin is currently forming support around the 108600 area, with the previous low of the last drop being near 107000. The current price is very close to this level, so it is obviously a good position to go long. We should set a stop loss if it breaks below 107000, which is the previous low position, and wait for confirmation of the bullish trend before adding positions. Therefore, the key position to watch for Bitcoin right now is 107000. There is no need to worry excessively or become overly bearish as long as this level is not broken. If it does break below 107000, we will look for support in the range of 102000 to 103000, and consider entering long positions in this area. For now, it would be best if Bitcoin can stay above 110300 over the weekend. If it cannot, we will consider entering at the support near 108800. The suggestion for trading over the weekend is to buy high and sell low in the range of 110000 to 108800. This is the current consolidation range.

Ether has dropped below 4000, reaching a low of around 3820, a decline of nearly 1000 points. Looking at a larger time frame, from the low point around 3300 to the high point around 4950, using a Fibonacci tool in this range, we can see that around 3990 is the Fibonacci 0.618 level, which is the golden ratio and a key area of focus for everyone. Therefore, currently, we are also focusing on the 3990 position for Ether. As long as Ether can stabilize above 3990, in the long run, it still maintains a bullish structure, and the bullish structure has not been broken. This wave of increase has seen Ether rise from 1300 to 4900. The 3820 position also needs attention; if it subsequently drops below this level, one can consider entering in the area of 3500 to 3600.
Ether today is under pressure around 4060 4140.
The support below is at around 3975 and 3820.

There are rises and falls, remember, do not panic sell your chips when the price falls! #BTC走势分析