Interpretation of cryptocurrency market on OCT 24 2022

The Nasdaq has continued to rally recently, and the crypto market has not followed it. There was a slight rebound this morning, but not much impact for now.

Currently, the market is in a stage of sideways shocks, and unilateral & shocks always alternate. The unilateral usually ends after a significant increase or decrease, while the shock is mainly time-consuming, and now it has lasted long enough. Currently, the most likely time for a change is still the Fed meeting on interest rates. There is a high probability that this meeting will announce the end of the period of 75 basis points of continuous interest rate hikes. Although there is still a possibility of subsequent interest rate hikes, it will be much more moderate.

As for the specific direction, we cannot be blindly optimistic for the time being and must refer to the market. A long red line or long green line that breaks through the current sideways range would signify the direction has appeared.

Note that if the iconic K-line that breaks through the space is a green line, then our judgment and strategy on the market remain unchanged. If the last drop occurs, continue to increase the long position as planned, But if it is an upward breakthrough, at present, it is unlikely that the bull market will start directly. Although you should follow the market to add a long position, you shall stop loss and take profit simultaneously.