Only with a calm mind can one achieve great success. Investing is only for making money, everything else is just empty talk. Making money is the only way. Hello everyone, I am Jinrui from the cryptocurrency circle!
Reasons for the sharp rise yesterday
Settlement of sell orders at $58,000.
- Short squeeze occurred due to the breakthrough.
Inflow of spot ETF prevented the downward trend.
Importance of US CPI
This CPI is expected to slow down. If it meets expectations and the data decreases, the market's expectation for a rate cut in September will further increase.
- The increase in rate cut expectations is also good news for cryptocurrencies.
[BTC 4-hour chart]
On the 4-hour chart, the price rebounded after breaking the red trend line but is currently falling back. Therefore, Jinrui also needs to consider the possibility of a double top trend.
At the same time, Jinrui will also pay attention to whether the recent support area can hold and rebound again.
Currently returning to a double bottom pattern. As the low point rises, as long as it does not fall below this point, the upward trend is dominant.
If the red trend line is broken, it is expected to rise to around $60,000.
[BTC 1-hour chart]
Since the price is still running below the EMA, the short-term is dominant.
Entry points:
Short around $59,800 to $60,200
Stop loss: $60,600
Target price: $58,100 to $58,500
Long from the range of $54,800 to $55,200
Stop loss: $54,400
Target price: $56,500 to $57,000
As the triangle consolidation nears its end, the coin price may fluctuate significantly in a new direction.
The heat map shows that both the upper and lower supports are strong, so it is still possible to accumulate profits through trend following. No one can predict the future. All we can do is gradually accumulate profits by facing the charts.
If you want to receive real-time information later, please like & share to let me know 🙌🏻. If this is helpful to you, I hope you can like it ❤️ and follow, looking forward to your support.
I have years of in-depth research on spot contracts, BTC, ETH, and various altcoins. If you are not doing well in trading or have been losing money for a long time, or if your trades are stuck, you can follow my public account (Jinrui in the cryptocurrency circle). Investment involves risks, so be cautious when entering the market. The daily market situation is full of twists and turns, and all I can do is to use my years of practical experience to help everyone make correct investment decisions and manage their operations in the right direction.
The end of the article and other advertisements in the comments section are not related to me personally!! Please be cautious in distinguishing between true and false, thank you for reading.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
