Markets Hold Breath as Rate Decision and Fed Speech Loom
The market is eagerly awaiting two crucial events: the interest rate decision at 2:00 AM (UTC+8) on Thursday and Federal Reserve Chair's speech at 2:30 AM (UTC+8). A rate hike is expected, but its extent is uncertain.
According to a recent strategy, buying on dips has proven profitable. This approach involves taking long positions when prices drop, such as buying Bitcoin above 77,000 or Ethereum at 2,500, which have both yielded returns.
The current strategy remains unchanged: as long as Bitcoin holds above 75,000, the bullish structure is intact, and buying on dips is advised. Conversely, unless the price surpasses 80,000, the range won't break, and chasing momentum isn't recommended.
On technical charts, key indicators show strong bullish momentum. The hourly chart for Bitcoin shows an upward push along the upper band, with KDJ and RSI turning upwards and MACD displaying a golden cross with increasing volume. This pattern is also observed on the 4-hour chart.