The US seasonally adjusted CPI annual rate for the end of July has been announced, with an actual value of 2.90%, lower than the expected 3.00%, which has formed a certain positive impact on the market. The short-term market shows a relatively obvious fluctuation, the price ratio rises and falls, and the short position continues to increase. The current market is in a state of digestion and is reacting further to the news.
From the current market, the price ratio falls under pressure on the four-hour chart, and the short trend is evident. On the hourly chart, the price ratio hits the high point of 61,800 and then falls sharply. It has also tried to reach 62,000 many times before, but in the end it all failed, which is enough to show that the pressure from above is strong. The market is currently in a weak pattern. If the price ratio continues to run near the lower track, it may intensify the panic in the market, and there is a high possibility of further decline. This usually indicates that the market may rebound technically in the short term, but the overall trend is still bearish. Technical indicators suggest that the downward momentum is rapidly increasing, which means that the market's downward trend has just begun and may continue for some time. In general, a decline accompanied by a large volume indicates that the market sentiment is more panic, and there is a high possibility of further decline. In the short term, it is recommended to wait and see or operate cautiously, and wait for the market to stabilize before making further decisions.
Bitcoin 59500-59800 short, target around 58000
Ether 2660-2690 short, target around 2570
