Last night, the CPI data was released, and the result was higher than everyone expected. Because of this data, both the US stock market and Bitcoin fell. This has made everyone feel that the possibility of the Federal Reserve cutting interest rates by 25 basis points in November has increased, and the likelihood of a 50 basis point cut is now greater than that of no cut at all.
This CPI data is bad news for the investment market in the short term, as it indicates that the US economy is still quite strong. However, from another perspective, if the Federal Reserve cuts rates by 50 basis points this time, the risk of major problems (black swan events) in the future may decrease.
However, looking at just this one piece of data can only affect the short term; the long-term trend of rate cuts remains unchanged. For cryptocurrencies like Bitcoin, whether they can rise higher in the future still depends on whether we can hold on until now. Making money in this round of the bull market is really difficult, even more so than in previous bull markets.
Currently, the situation in the crypto market is such that short-term fluctuations are within a very small range, making it hard to make a profit. Meanwhile, after the drop in China's A-share market yesterday, it stabilized today and may continue to rise in the future, as policies are continuously being released.
However, I still do not recommend that everyone switch from the crypto market to the A-share market. Because money is limited, ordinary investors find it hard to compete with those who set the rules.
BTC
Yesterday, the range was given as 60200-59300, and the hunt in the early morning reached! Around 59000 is the 50% retracement level on the daily chart, and there will be a rebound from this level, with the height to be determined! The premise is that this level is not broken! Currently, there are two thoughts:
If the price rebounds to 61000-61300 but does not hold, it will continue downwards, testing the effectiveness of the support at 59800-59300 again. If effective, it will be a short-term oscillation adjustment; if ineffective, wait for buying opportunities around 58000-57500!
If the price stands above 61300, then buy on the pullback near 60300! Looking upwards at 62300-62500!
ETH
Ethereum has not made a new low! Could it be related to Vitalik Buterin being nominated for the Nobel Prize in Economics?
Currently, the oscillation range is 2430-2470 to 2350-2310, and you can trade around this by selling high and buying low! If it breaks upwards, look at 2530-2570; if it breaks downwards, look at 2300-2240!
SOL
No comments, the daily report accurately gave the position at 136-133! Currently, can the rebound at 141 break through and form a structural break? If successful, buying on the pullback near 138 can be followed!
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