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7.16 Midday Analysis
BTC keeps consolidating within the intraday range and is still forming a base.
News: U.S. inflation data came in above expectations, bringing the expectation for further rate hikes sharply lower. ETF funds returned, driving BTC to break up past 65,000, setting a three-week new high. Geopolitical disruptions in the Middle East, along with a bearish line tied to ETF outflows, will exert pressure on upside.
Technical: On the daily chart, three lines are turning together and heading upward; the bullish trend is gradually taking shape. RSI is around 60. The price is still in the phase where BTC is prone to bearish breakouts. On the 4-hour chart, it is holding above the moving-average support. In the short term, BTC has reclaimed the bullish position, and within the day there is a need for a pullback and corrective rebound.
In terms of trading: Don’t chase the breakout. Wait for a pullback to support before entering at the right moment.
Midday recommendation:
BTC: around 64,100-63,600 for a buy,
Target: around 65,400-65,900,
ETH: around 1,900-1,880 for a buy,
Target: around 1,960-1,980
BTC keeps consolidating within the day, and the breakout momentum is gradually building
News: U.S. inflation data came in above expectations, sending hopes for further rate hikes sharply lower. ETF inflows returning to the market lifted BTC, pushing it through around 65,000 and setting a three-week high. Geopolitical disturbances in the Middle East, along with the “noisy” line of ETF outflows from the region, may exert pressure on upside in the short term.
Technical: On the daily chart, all three lines turn upward in sync; the so-called “head” trend is gradually taking shape. RSI is hovering around 60, and price action is still in the “head-neck” easy stage. On the 4-hour chart, holding the moving-average support is key. In the short term, the “head” structure is holding up well, and intraday there is a need for a pullback and correction.
In terms of trades: don’t chase breakouts. Wait for a pullback to support and then enter at the right opportunity.
Midday recommendations:
BTC: near 64,100–63,600 for buying,
Targets: near 65,400–65,900,
ETH: near 1,900–1,880 for buying
Target: near 1,960–1,980