Coin Circle Jinrui 7.11: Is the US CPI important? Trend analysis before the end of the triangle consolidation

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Reasons for yesterday's sharp rise

Sell orders were settled at $58,000. Due to the breakthrough, a short squeeze occurred. The inflow of spot ETFs stopped 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 expectations for a rate cut in September will rise further. Rising expectations for rate cuts are also good news for cryptocurrencies.

[BTC 4-hour chart]

On the 4-hour level, the price fell after the red trend line rebounded, although it broke through the neckline. But the price is currently falling, so 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 up and rebound again.

Currently back to the double bottom pattern. Because the low point is rising, 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 current price is still running below the EMA, shorts are dominant in the short term.

Entry point: short around $59,800~60,200

Stop loss price: $60,600. Target price: $5,9100~58,500

Buy long from $54,800~55,200

Stop loss price: $54,400 Target price: $56,500 to $57,000

As the triangle consolidation draws to a close, the price of the coin may fluctuate sharply 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 by following the trend. No one can predict the future. All we can do is face the chart and gradually accumulate profits. If you want to get real-time information later, please like & forward to tell me 🙌🏻. If this helps you, please like it ❤️ and follow us. We look forward to your support.