Analysis of BTC/ETH on the morning of September 13th
Yesterday's CPI data met market expectations, and the rise in U.S. stocks drove up cryptocurrency prices, making a rate cut in September virtually certain.
The U.S. Treasury Secretary again publicly stated that the Federal Reserve should consider a 50 basis point rate cut in September, which instantly triggered a rally across the cryptocurrency market.
Compared to other mainstream coins, Bitcoin has appeared particularly stable this time, with prices basically oscillating around 120,000. The recent bullish engulfing pattern on the 4-hour chart suggests that prices remain in a bullish phase. The current inability to effectively break through is due to the main funds moving to the recently strong Ethereum. In terms of technical parameters, the KDJ golden cross is trending upwards and maintains a continued upward momentum. The MACD's histogram is narrowing, and as long as it holds above the 1197 level during the day, the bullish trend will continue.
BTC is oscillating around 1190-1195 with a defense at 800, targeting 1207-1220-1233.
ETH is oscillating around 4540-4570 with a defense at 50, targeting 4630-4680-4780.
