Yesterday, BTC underwent a correction and consolidation. The CPI data was negative, but there was no significant decline. The 4-hour recovery situation is good, with a long upper shadow formed on the daily level, indicating there may be signs of a peak in the short term, necessitating a correction and consolidation. Patience is required.
The weekly trend has shown some recovery. Focus more on fundamental information, including the Federal Reserve's interest rate cut process. It is expected to continue consolidating during the day, and in terms of the larger cycle, a new round of the weekly upward cycle has started.
The second-tier currency followed BTC in a synchronized consolidation, breaking through the 3100 resistance level in the morning. The 4-hour trend remains healthy and is starting to catch up, developing an independent market trend. The daily level remains healthy, with an expectation of continued upward movement during the day.
Intraday market analysis:
BTC has returned to normal levels on the 1-hour and 4-hour charts, with the daily level also back to normal. The expectation during the day is for continued consolidation, with support in the lower range of 116000-117000 and resistance in the upper range of 118500-119500.
ETH has returned to normal levels on the 1-hour and 4-hour charts, with the daily level also back to normal. The expectation during the day is for continued upward movement, with support in the lower range of 3000-3050 and resistance in the upper range of 3200-3300.
