So far, Bitcoin has maintained a fluctuation around the $119,000 mark, while Ethereum fell back to $4,366 after reaching a high of $4,434. The CPI data released tonight is favorable, boosting overall market sentiment and providing significant support for coin prices.
1. Analysis of Bitcoin (BTC) Trend
Daily level: The K-line is still operating within a fluctuating upward channel, experiencing a pullback after reaching $119,000, which indicates heavy selling pressure above, but the bullish trend has not been broken. The moving average system remains in a bullish arrangement, with the 5-day moving average providing short-term support near $118,000. The MACD DIF line is above the DEA, and the histogram is positive, indicating that bullish power is dominant, but the histogram has begun to contract, suggesting a slight weakening of upward momentum.
4-hour level: After a rise, there was a short-term pullback, and the Bollinger Bands are slightly narrowing. The price is above the middle band, with the middle band ($118,500) becoming a key support level. The RSI is in the strong range of 50-70 but shows signs of turning down, indicating that short-term consolidation may be necessary.
2. Analysis of Ethereum (ETH) Trend
Daily level: After a rise to $4,434, there was a pullback, and the upper shadow is relatively long, indicating significant resistance above. However, the price is still operating within an ascending channel, with the 5-day moving average providing support near $4,350. The MACD bullish momentum is still present, but the histogram is contracting, indicating weakened upward strength.
4-hour level: The pullback is relatively noticeable, with signs of the Bollinger Bands expanding. The price has fallen below the middle band ($4,380), which now becomes short-term resistance. The RSI quickly dropped to around 50, entering a balanced zone of bulls and bears. If it continues to decline, it may enter a weak area. However, driven by favorable CPI data, the $4,300-$4,350 region is expected to provide strong support, presenting opportunities for a rebound.
3. Evening Strategy Reference
Overall, although BTC and ETH have experienced short-term pullbacks against the backdrop of favorable CPI data, the medium-term bullish trend remains intact.
BTC: Focus on support in the $118,000-$118,500 range. If stable, consider placing long positions near $118,000, targeting $120,000.
ETH: Focus on the support area between $4,300 and $4,350. If stable, consider going long around $4,320-$4,340, targeting $4,450.
More pullbacks may be a phase of consolidation on the way up in the medium term, and holding the key support may bring new opportunities for upward movement.
Overall, the favorable CPI data provides short-term support for the market, but whether the price can continue to rise depends on the stability of the key support levels. For medium and long-term investors, the current pullback is not a bad thing; rather, it is a phase for seeking buying opportunities. Stabilizing positions and strictly executing strategies will allow one to occupy a favorable position when the next market cycle arrives.