I stayed up all night last night, and this morning at six-thirty I couldn't take it anymore, so I set an alarm and went to sleep until eleven. Here's an update on the morning market content.

Morning of July 31
1️⃣Federal Reserve Interest Rate Decision
In the Federal Reserve's interest rate decision early this morning, keeping the interest rate unchanged was already within market expectations. I initially thought the Fed would lay the groundwork for a rate cut next time, but I didn't expect it to be so hawkish. Currently, there is significant internal conflict within the Fed, and it is very divided. Whether a new candidate can be appointed before the September FOMC will basically determine that if Powell is sidelined, it will lean towards easing.
2️⃣Ether:
Ethereum was impacted by hawkish statements early this morning, similarly to Bitcoin, which saw a significant drop. Altcoins also experienced a slight panic sell-off. However, looking at the one-hour candlestick chart, Ethereum has faked a breakdown; it has now broken out of the bull flag pattern and rebounded, hitting the upper resistance level of the range at 3860. A solid break above 3860 is needed to see a new high in this round. Otherwise, a pullback will occur, and the support level remains unchanged.
2️⃣ Bitcoin:
The Bitcoin has also experienced a false breakdown influenced by news, and is currently still in a bull flag pattern. If it breaks the bull flag pattern, it is bullish, with the first target being the previous high of 128000. If it does not break, it will continue to consolidate.
3️⃣Shanzhai:
The altcoins were already struggling at the support level in a volatile range, and after the false breakdown of the large bearish candlestick in the early morning, basically all altcoins have broken down. After the breakdown in the early morning, I originally planned to reduce half of my position when it bounced back to 3750 to confirm the conversion of support and resistance levels, but since Ethereum and Bitcoin rebounded strongly for an hour without breaking down, I still didn't reduce my position.
Many friends believe that the altcoin season is over, but if we look back at the last bull market, we will find that during the main upward phase of Ethereum, the ratio of altcoins to Ethereum will first drop significantly and then rise. If this bull market repeats this trend, altcoins will continue to correct for a while, and then when Ethereum rises to a certain position, the altcoin season will begin again.
(The blue line in the picture represents the total market capitalization of altcoins / total market capitalization of Ethereum, and the candlestick chart represents the total market capitalization of Ethereum)
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