August 22 BTC intraday analysis

Yesterday, BTC performed very well at the opening of the U.S. stock market, even at one point during the opening. It was also establishing a bottom model. However, due to the Federal Reserve's Harker's remarks not supporting a rate cut in September, the entire market plummeted! Negative news emerged, and the U.S. stock market was affected, causing BTC to drop as well! Although some do not support a rate cut, Wall Street still firmly believes that there will be further rate cuts, with the probability decreasing from 90% to 75%! Everyone needs to pay attention to Powell's speech tonight at 10 PM to see if it is hawkish!

The relatively good news is that BTC has rebounded without breaking the previous low, but it needs to stabilize above the 113500 level. If it cannot hold, combined with Powell's hawkish remarks, we might see BTC fall to the 110000-108500 range! If it stabilizes, it can return to the 120000 position. We are currently at a critical moment for BTC's trend change! The market is developing towards a bullish direction, but the only thing to watch out for is the news!

Resistance levels above BTC are 114600-116000-118500, while support levels below are 110000-108500-105000. It is recommended that everyone hold spot or use low leverage for long positions, as the probability of an upward movement is relatively high. However, it is still necessary to guard against a potential surprise from Powell. #BTC#