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7.16 midday analysis
BTC consolidates intraday, and continues forming a base
News: US inflation data came in above expectations, pulling back and weakening rate-hike expectations significantly. ETF fund inflows drove BTC to break up past 65,000, setting a three-week high. Geopolitical disturbances in the Middle East and the “line” of ETF outflows (from the “Qiong” side) will create suppression on upside momentum.
Technical: The daily 3 lines turn together to roll over, and the “double-top” trend is gradually taking shape. RSI hovers around 60. The price action is still in the stage where a “double-top neck” is prone to breakout attempts. On the 4-hour timeframe, hold the moving average support; for the short term, the “double-top breakout” stance is favorable. There is a need for a pullback and corrective repair during the day.
In terms of strategy: do not chase the breakout. Wait for a retest of support, then look for an entry opportunity.
Midday recommendations:
BTC: near 64,100–63,600 for a dip,
Targets: near 65,400–65,900,
ETH: near 1,900–1,880 for a dip
Targets: near 1,960–1,980
BTC consolidates and re-consolidates intraday
News: U.S. inflation data came in above expectations, pushing market pricing back as rate-hike expectations fell sharply. ETF funds returning helped BTC break up to 65,000, reaching a new high for three weeks. Geopolitical disruptions in the Middle East and the trend of ETF outflows will create resistance against upside.
Technical: On the daily chart, the three lines move together and begin to turn upward; the short-term uptrend is gradually taking shape. RSI is hovering around 60, and price is still in the uptrend/pullback breakout-prone stage. On the 4-hour chart, holding the moving-average support level is key; the short-term uptrend is stabilizing, and there is a need for intraday pullback and corrective repair.
In terms of trading: don’t chase breakouts; wait for a pullback to support and then enter when the timing is right.
Midday recommendations:
BTC: around 64,100–63,600 to go long,
Targets: around 65,400–65,900,
ETH: around 1,900–1,880 to go long
Targets: around 1,960–1,980