🔴｜BTC pattern confirmed, breaking through again
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The reason why we said to take profits and put them in the bag last night was, on the one hand, the appearance of the double top structure, and on the other hand, the upcoming release of the US CPI. Last night's battle was particularly exciting. However, long meat is still better.
CPI data analysis📍
Previously, the October Consumer Price Index (CPI) was in line with expectations, further supporting the bet that the Federal Reserve will cut interest rates in December. The year-on-year increase of 2.6% was in line with market expectations, and the "six consecutive declines in CPI" stopped here; the core CPI continued to remain at 3.3% as in September. Today's data eased people's concerns that the Fed's interest rate cuts will slow down. ”
CME’s FedWatch shows that after the CPI report was released, traders expect the Fed to cut interest rates by 25 basis points at the December meeting with a probability of more than 82%, much higher than 58.7% on Monday.
BTC point of view analysis🔻
Although it broke through 93,000 last night and fell back a little, the current position of 90,000 is still the best entry point. Because the low point of the callback did not fall below the left support, it is still an upward breakthrough trend in the short term. Not to mention the long term, it has been confirmed since 60,000. A large cycle rising channel has not been broken until now.