8.15 PM Big Cake Aunt Market Analysis
The report released on Thursday showed that, boosted by a surge in profit margins, the wholesale price increase in July far exceeded expectations, which may indicate that inflation remains a threat to the U.S. economy. At the same time, the unemployment data revealed that the number of initial jobless claims in the U.S. unexpectedly decreased last week. Additionally, the number of continuing jobless claims fell to 1.95 million. Over the past few months, this figure has been hovering near the highest level since 2021, indicating that many unemployed Americans find it difficult to find work. Following the data release, traders reduced their bets on a rate cut in September! Moreover, Federal Reserve President Daly publicly stated that she does not support a one-time rate cut of 50 basis points in September. As a result, the cryptocurrency market saw a significant decline, with over 1 billion dollars liquidated!
Currently, within a small cycle, there is momentum for a breakout, and continued consolidation is building up strength, increasing the probability of a breakthrough. As the lows are raised and adjustments are made to build a base, support positions are being solidified. In the future, we only need to patiently wait for another breakout to open up space. The current volatility has increased, and the range of fluctuations has reached the level of previous single-day unilateral movements. The rough trading strategy remains to focus on pullbacks.
Big Cake can trade around: 118600-117800, target 119800-120800
Aunt can trade around: 4600-4550, target: 4665-4750
