This column focuses on sharing major mainstream cryptocurrencies such as BTC/ETH/EOS/XRP/ETC/LTC/DOGE. Follow the public account "Yinbi" to avoid getting lost and enjoy more service guidance.
To avoid confusion among some friends, let's clarify the current overall thinking:
Short-term outlook is bearish (on a daily cycle), as the short cycle is facing resistance, so a second round of testing support is needed (already completed);
Medium-term outlook is bullish (on a weekly cycle, this week), after a short-term bottom is formed, there is demand to test the upper resistance level;
Long-term outlook is bearish (on a monthly cycle, this month or next month), pay attention to the upper cycle resistance at 10.2 and 3050; if these levels are not broken, it will be difficult for the bulls to reverse the trend.
With the successful short-term harvesting, a deep pullback occurred in the early morning, reaching our bottom space.
In the second round of the medium-term outlook, as long as Bitcoin does not break 9.45, we will look for entry points below 9.6; as long as Ethereum does not break 2500, we will seek entry below 2600.
The only variable to pay attention to on Wednesday is the CPI data to be released at 9:30 PM.
However, during the Federal Reserve meeting last night at 11 PM, Powell's attitude leaned towards stability, stating that "there is no need to rush to adjust interest rates." Therefore, the upcoming CPI release is expected to deviate little from expectations, and its impact on the market may be minimal.
Summary:
Ignoring the variable of CPI, we will continue to execute the second step of the cyclical thinking—medium-term outlook, today we proceed!
DOGE:
The recent support point for Dogecoin is around 0.24.
If the market experiences a slight pullback tonight, Dogecoin may also be affected and show a slight decline.
Therefore, at the previous support level of 0.25-0.24, one can look for buying opportunities.
A small defense can focus on 0.22, with subsequent rebounds looking at the previous support breakdown points of 0.28-0.3.
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