5.16 Market Analysis
Technical side:
Yesterday, stimulated by the CPI data, the market rebounded. We reminded everyone last week that there would be a change in the market in the middle of the month. Today, the downward trend has been broken. In the day, we focus on it to make a retracement. The lower support of the retracement is 63,000-64,000. The magnitude of the retracement determines the continuity of the market. 63,000 cannot be broken to start a healthy rise. Then, if it continues to fluctuate in the range of 64,000 to 63,000 and does not break, we can increase our position by 10%. The upper resistance of 66,800 must be broken to touch the previous high!
ETH is relatively weak. In the next day, focus on the range of 2969 to 3040. If Ethereum does not break at this position, it will also face directional choices. After breaking through 3040, the upper resistance is 3140!
For intraday retracements, you can pay attention to sol, ondo, jup, tnsr, and ssv.
Currently, the entire position is recommended to be around 50%-60%, so control the position well, so that there are coins when it rises and oil when it falls.
News:
CPI data released last night
The unadjusted CPI annual rate in April was 3.4%, in line with expectations!
The monthly CPI rate after seasonal adjustment in April was expected to be 0.4%, and the announced rate was 0.3%
CPI data shows that the process of cooling inflation is still continuing, and the possibility of the Federal Reserve cutting interest rates in September has greatly increased!
ETFs are in an overall inflow state
Today's Israeli-Palestinian negotiations focus on whether there is a reconciliation
5.16 News Review
The US House of Representatives plans to vote on the cryptocurrency market structure bill FIT21 next week
Floki DAO has voted to pass a proposal to destroy more than 15.2 billion FLOKI
