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Today is May 12th, BTC price is 80,800
1. What needs to be emphasized today is ETH, which has been performing mediocre recently, and has now actually formed a 4-hour retracement to the MA250. The 4-hour MA250 is a major support level, and this red moving average is pointing upward!! So the trend here is to open long positions. The current price is 2287, stop loss at 2200, take profit to be determined.
2. The BTC trend is still similar to what I mentioned yesterday, consolidating slightly around 81,000, with support at 79,000. Not sure if it will be affected by tonight’s CPI. Such high-level oscillations are difficult to find opportunities in small timeframes. Since the medium-term weekly charts like 60/90/120 are still bullish, the medium-term outlook remains bullish.
3. News-wise, one is Trump’s visit to China to see if it can impact the US economy, and the other is the CPI release tonight. If there’s a chance for a decline to support levels tonight, it is recommended to go long.