Issue 42
Yesterday's market was still exciting; Bitcoin surged to the 79859 line, which is also the resistance level mentioned before. Both the short at 79850 in Issue 40 and the short at 79200 in Issue 41 have perfectly achieved their second target at 77000. Ethereum is still much stronger, and the short positions have been stopped out!
The U.S. August CPI data released last night generally met expectations, with the core surprising to the upside. The overall CPI year-on-year is 3.4% and month-on-month is 0.4%, both in line with expectations, with little impact.
The core CPI seasonally adjusted month-on-month came in at 0.3%, and the core year-on-year recorded 2.4%. The rebound in the core month-on-month index indicates that inflation stickiness remains strong, directly bearish for gold, silver, and risk assets. According to CME's Federal Reserve observations, the likelihood of a rate hike in September is around 90%, so focus on the interest rate decision next Thursday at 2 AM!
After the rapid rise last night, the price has again retreated to the previous fluctuation range, and it is highly likely to break out in one direction. Everyone should be prepared; I personally believe there might be an effective break below 76000 to reach the support around 75000 and 73500!
Specific strategy:
BTC:
Enter short around 77900-79200 on the rebound, add to shorts near 79800, set stop loss at 80600, target around 77000-76000, if it breaks effectively, look for 7.5-7.35.
ETH:
Enter short around 2535-2565 on the rebound, add to shorts around 2650-2665, defend at 2720, target below 2400-2350, if it breaks effectively, look for 2200-2100.
⚠️: Friends who cannot accept a wide stop loss are advised to reduce positions or raise the next entry point as the stop loss level after entering the primary position: raise by 200-300 points (BTC), raise by 10-20 points (ETH).
⚠️: There may be deviations in the entry and exit points mentioned above, BTC ±100, ETH ±5 points.
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