#美联储恢复降息进程# It has been about 36 hours since the Fed's interest rate cut policy was implemented, and the market has performed relatively stable. Except for a brief dip during Powell's speech, the overall trend remains positive, but the upward momentum is weak, with multiple attempts to break through 1178 failing, and there is still a certain gap from the previous high after the 124K fall.
From the market structure analysis, it may currently evolve into two paths:
Path 1: The bottom continues to rise. If it successfully breaks through 1178 and stabilizes above 1185, the market may challenge the 120,000 integer level again and further launch an attack towards the previous high.
Path 2: Entering a long-term sideways consolidation similar to gold from April to August of this year. Referring to BTC's trend from March to September this year, it may oscillate repeatedly near the previous high of 124K, and even test the upper range of 129K and 132K, forming a pattern of significant oscillation at high levels. In this case, if the US stock market continues to reach new highs but lacks effective adjustments, once the US stock market is hindered, BTC is likely to fall back first.
In the short term, the EMA20 support on the 4-hour chart has not been broken, and the bullish structure remains intact, with upward momentum still present. However, the market currently exhibits typical oscillation characteristics: even if the direction is correctly judged, the profits are limited; even if the direction is incorrect, there are still correction opportunities in the short term. The real risk lies in: once the market returns to a clear trend, if the direction is judged incorrectly and stop-loss is not executed in time, the cost will far exceed the trial-and-error cost in the current oscillating environment.
Overall, the general trend still leans towards the bulls, but the pace is relatively slow, and the market has entered a "patience consumption battle." In terms of operational strategy, there is no need to rush for a significant breakthrough; instead, it is more important to grasp the rhythm, act in accordance with the trend, and especially be wary of the directional risks that may arise when the future trend accelerates.
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