Tonight at 20:30, a big event is coming!
The US CPI data for July will be released. This data has a direct impact on the extent of the interest rate cut in September and even the claim of a US economic recession. The BTC we are paying attention to has a good pre-market atmosphere and bulls are very active. It depends on whether it can break through the key point tonight.
BTC has two important tasks tonight: one is to break through the key position of the daily midline of 61,800, which determines whether the price can continue to rise to the upper resistance of the daily line of 70,000; the second is to break through the key position of the daily MA200 of 62,400, which is a short-term key resistance. It has been tried to break through several times in recent times but failed. Whether it can break through tonight with the help of CPI, let's wait and see.
The breakthrough and stabilization must be seen clearly. If it falls back, you must also pay attention to the defensive position. The hourly level of 59,800/58,000 is the defensive line. In extreme cases, it must be defended to the weekly line of 56,200.
The RSI index is 50, up 7 from yesterday. The bullish sentiment has risen quite fast, but it is still neutral at present.
The situation of ETH is similar. The breakthrough task is the key point of the 2860 daily line midline. Everyone should remember the defensive position.
In general, I expect the CPI data tonight to be positive, but the increase may be limited. It may not stand stable after breaking through MA200, so we have to wait for it to stabilize before chasing more. The market may not be big after the data is released. We have to wait for the opening of the US stock market to see the situation. The increase may continue until the early morning or after the closing of the US stock market.
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