July 12 BTC/ETH Market Daily Report: Focus on the CPI data coming in

Overall weekend price action was not very volatile, possibly because the market is also waiting for the CPI data release next Tuesday. This set of data is比较重要, as it will determine the direction of the Federal Reserve’s interest-rate decision and will significantly affect subsequent price走势. In recent days, it’s suggested that everyone participate with light positions; once the news is out, it’s safer to resume normal operations!

In yesterday’s article, it mentioned ETH being suppressed around 1830, but if you had abandoned that level to short, looking back, after price just reached 1830 it quickly dropped to around 1778. Since it’s a conservative strategy, the entry price for a short would naturally be relatively high. I suggest continuing to wait—before the CPI data is released, everything should stay conservative! Tonight’s strategy remains mainly to go short!

Bitcoin on the daily timeframe: the Bollinger Bands are flattening, with the upper band near 65,400 and the middle band near 61,800. There may be some support here. Resistance is likely around the EMA55 daily moving average near 65,700. The KDJ indicator’s three lines in the sub-chart are hovering around 78, placing it in an overbought area—be cautious about chasing longs. The four-hour MACD volume is increasing while probing below the zero axis; the fast/slow lines have formed a dead cross and are extending downward. The prior high near 64,600 has been tested several times already—don’t use it as a reference to try again. For a steady strategy, you need to restrain yourself well and not impulsively chase rallies or panic-sell!

BTC: Steady high-short strategy

Reference resistance: around (65,300–65,800) and (67,000–68,000)
If the defense breaks and holds above 68,000, exit.
Targets to watch: 63,300–62,000–60,800–60,000

ETH:

Reference resistance: around 1,850–1,880–1,910
Targets to watch on the downside: 1,750–1,720–1,680–1,600–1,520

Note: Next Tuesday’s CPI data is coming in—participate with light positions for all trades. If you don’t get an entry opportunity, it’s best to wait and watch!
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