Relief Rally or Trap? My take on Bitcoin, Ethereum and the upcoming Rate Cuts

Welcome back,

For the last few days, I have been talking about my testing portfolio. So far, we have added the DOG token, which is built on the Bitcoin blockchain using the Runes platform. Then, we added the PENGU token, which is the native token of the Pudgy Penguins project that launched 8888 unique penguin NFTs. The latest token we added to the portfolio was the BONE token ( The native token of Shibarium blokchain).

Now these tokens are going to stay in my portfolio for a couple of weeks, or at least for the next few days, because I am targeting a profit of 50-100% on all of them, especially on the DOG token and the PENGU token. I think I am at least going to book profit once I reach 50%.

Source

The market today has seen an upsurge and people are excited. The last twenty four hours have been a little good for the market, and we have seen a relief rally. But the question is, is it actually going to take us back to the recent highs where Bitcoin was trading at 115-120k USD and Ethereum was trading at 4800-4900 USD?

I personally think that is not going to happen anytime soon because the Federal Open Market Committee ( FOMC ) meeting is still 12 days away. Until then, the market can still see a flush out before we actually get to know whether the rate cuts are going to happen or not. By the way we are just speculating for now and there is a chance that we might not see the rate cuts.

Source

Anyways, if you look at the volume, the price of Bitcoin is in an uptrend, but the volume that is coming into Bitcoin is quite low compared to the price surge. This is one of the reasons why I am still bearish on the market. In fact, I have sold some of my Ethereum ecosystem tokens because I think I will be able to buy them again at an eight to ten percent discount.

I already tested this recently with Ethereum Finance (ETHFI) , where I sold the token at $1.12 and then bought it back at $1.09. It was not a very big gain, but multiplying my tokens or saving the extra dollars for something else is always a good thing.

So what are your thoughts on the market? You can share with me what you feel about the market and where it is going. I know October will actually be the real pumping month, but still I am excited to see what the scenario will be after the rate cuts are announced. I strongly believe that this time rate cuts should be announced. And if not, then we are going to have to see another bloodbath in the market.

Thank you and happy trading everyone.

Posted Using INLEO