Federal Reserve Chairman's Speech Causes Market Shock

Federal Reserve Chairman's Speech Causes Market Shock

The recent speech by the Federal Reserve Chairman Powell resulted in a sudden surge in gold and Bitcoin, while the US dollar index rapidly declined. The overall message was interpreted as continued monetary easing, which is a positive sign for gold, silver, and Bitcoin in the long term.

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Bitcoin's Relationship with Gold

Bitcoin closely follows gold, which may not be a good thing since it means Bitcoin investors must also consider international situations instead of simply looking at candlestick charts.

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Be Cautious of DeFi Projects

Investors should also be cautious of fraudulent projects using the DeFi label, which can easily manipulate code and steal funds. One must always do thorough research and due diligence before investing in any project.

Positive Outlook for Bitcoin

Despite concerns, the strong faith of miners holding over 1.82 million Bitcoins indicates a positive outlook for the future price of Bitcoin.

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As always, it’s important to stay up-to-date on market developments and be informed about any potential risks before investing in any asset.

Market Analysis

Bitcoin

Today's trend for Bitcoin has exceeded expectations and is very strong. It's unclear where the market will go next, as the high point of around 10,600 yesterday is still a strong resistance zone. Overall, Bitcoin continues to be linked to gold, and if gold continues to be unexpectedly strong, Bitcoin's rebound will continue. The daily support level for Bitcoin has been confirmed many times, and the market may continue to oscillate between 11,100-11,800 for a long time. In any case, watch out for gains and losses at 11,100, and if the market tests the bottom again in the short term, it's best to sell first.

ETH

Resistance is around 400, but there is a short-term rebound trend.

Platform Coins

The three major platform coins on Binance, OKex, and Huobi are all preparing to launch their own public chains in the fourth quarter, making it worth holding on to platform coins for now.

LINK

The daily support level for LINK has been confirmed three times, with the bottom gradually rising. The probability of a direct decline is very low, so there may be the potential for a continued rebound.

LTC

Today, there was significant trading volume and a stronger trend than other mainstream coins, so continued rebound can be expected.

ADA

It will gradually fall to the platform support zone around 0.09, and although there may be a short-term rebound, it is not a reversal.

EOS

It's harder to go up because of the Defi wave that swept through some investors.

TRX

Justswap is still ongoing, and there is some potential for a rebound in the Tron network, so it may be worth considering a rebound in this position.

JST

Linked to TRX.

XMR

Short-term support has been obtained, and there may be a rebound.

It's difficult to grasp the rhythm of the market in this position, and it's hard to give a clear direction. Technically, rebound is expected to be the main trend, but the adjustment period has not yet ended, so caution is advised. Long-term investors can hold coins without much thought, but short-term investors should be careful due to the complex international situation.

Disclaimer: This article represents the author's personal views and opinions, and does not represent the views or position of BlockBeats. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and BlockBeats will not be responsible for any direct or indirect losses incurred by investors.