An old leek who has been fighting in the industry's independent trading system for eight years, focusing on primary and secondary fresh goods, Heyue, and capturing web3 opportunities!
Market outlook on July 12
Yesterday evening, the United States released June CPI data, showing that the CPI seasonally adjusted annual rate at the end of the month was 3.0%, significantly lower than market expectations of 3.1%, reaching the lowest level since June last year. U.S. President Biden responded quickly, pointing out that the CPI report showed a major breakthrough in the fight against inflation. On the eve of the general election vote (November 5), this news will undoubtedly be a big plus for Biden's re-election campaign, especially if the interest rate cut policy can be launched at this time.
According to the analysis of CME's Federal Reserve interest rate observation tool, after the release of June inflation data, the probability of the Federal Reserve cutting interest rates at the September meeting soared from the previous 70% to nearly 90%. Judging from the reaction of the cryptocurrency market, the main digital currency quickly climbed to 69,650 when the data was released, almost reaching the 60,000 integer mark, but then began to pull back, and the current price has fallen back to 57,000.
As for Yitaicoin, the daily level shows a relatively strong trend, and the overall bottom bull reversal signs are obvious. Therefore, at the daily level, we should pay close attention to the support strength of 3050. From the short-term four-hour chart, the bol indicator begins to close, the upper pressure level is around 3170, and the lower support is 3010. At the same time, there is a certain false support at 3050. If the one-hour chart can successfully break through the suppression of 3130, it is likely to further test the resistance level of 3150.
Next week will be a critical moment for whether the Yitai ETF will be approved. For investors who have previously bought at the bottom, it is recommended to consider taking profits after the ETF is approved. For some investors who are trapped, it is also recommended to reduce their positions appropriately to cope with the possible downward trend in the market. At the same time, keep some U coins in hand so that they can buy at the bottom in the short term when the price falls again, reducing the average cost of being trapped. Overall, it is recommended to operate prudently and take advantage of the market rebound opportunity to short sell. The results of the Yitai ETF will be announced next week. If it is approved, investors need to consider choosing potential currencies in the Yitai system for investment.
BTC\ETH support and resistance
Big cake support: 56297 Pressure: 59588
Auntie support: 2975 Pressure: 3136
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