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On Wednesday, US stocks closed lower, with tech stocks leading the fall! The three major US stock indexes all fell. The Dow fell 159.08 points, a decrease of 0.39%; the Nasdaq fell 198.79 points, a decrease of 1.12%; the S&P 500 fell 33.60 points, a decrease of 0.60%. Nvidia, which has been closely followed, has risen 159% this year. Nvidia (NVDA.O) announced revenue forecasts that were lower than the most optimistic market expectations, causing concerns that its explosive rise may be weakening. After the earnings report was released, Nvidia initially rose and then fell in after-hours trading, with a maximum decrease of 8%. The market is also following the prospects of a rate cut by the Federal Reserve. BlackRock, the global asset management giant, believes that the US economy will slow down but not enter a recession.
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BTC once again experienced a test of the support level during the after-hours period, but fortunately, the 58000 level once again played a key support role, successfully preventing further price declines. This performance not only demonstrates the resilience of the market, but also reflects the high acceptance of this price range in the current market environment. However, despite the firm support below, the BTC price has not been able to break through the 60500 resistance level above. This indicates that there is still significant disagreement and resistance in the market at this level. Therefore, in the short term, the market is expected to continue to maintain a range-bound pattern.
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Since March 2024, BTC seems to have fallen into a chaotic curse. It no longer has a clear trend to follow, but instead, there is an endless swing trading market. Both the head and shoulders pattern and the V-shaped reversal have been prevalent during this time, like a mysterious magic frequently performed on the trading stage. Investors are sometimes caught off guard by sudden drops, and sometimes, in the midst of despair, they experience dramatic V-shaped reversals, with hopes ignited in an instant, only to be plunged into new confusion in the next moment. In this situation, one can only reduce the frequency of trading and choose swing trading with higher certainty.
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The ETH market's Order Book has finally stopped following the fall and has started to repair sideways. The daily Candlestick has started to rise, and there is a possibility of reversing the overall trend. The Bollinger Bands are contracting downwards, and the Candlestick has continuously stood at the lower band support of 2470. The KDJ is diverging downwards, and although the Order Book cycle is in a short position, there are signs of stopping the fall. The four-hour Candlestick has significantly rebounded, with resistance near 2600. If it cannot go up, it will go sideways. The MACD is starting to decrease in volume and increase in funding, and the long positions trend is strengthening. After the Bollinger Bands expand, the Candlestick has moved away from the lower band of 2400 and started to approach the middle band of 2630. The technical indicator KDJ has formed a golden cross, and the short-term trend is currently entering a box pattern and starting to contract. On the strategy side, a short position can be deployed if it does not break the previous high, and then go long after pulling back to the bottom support.