8.13
Last night's CPI annual rate was 3.1%, slightly below expectations, favorable for interest rate cuts in September
BTC
As we expected, Bitcoin is still consolidating at a high level, as its market share is gradually decreasing, which is beneficial for altcoins led by Ethereum. As long as Bitcoin can remain at a high level without a significant pullback, the impact is minimal. The overall strategy remains the same as yesterday; last night it peaked at 120,000, and during the day, as long as this 120,000 level holds, it will oscillate around the range of 120,000 to 117,200. It must not break below 117,200; if it does, it will move around 112,500. Overall, the focus is on high-level consolidation, with support at 117,200-116,300 and resistance at 120,000 and 122,500.
ETH
Ethereum is truly stronger than expected. I previously mentioned this wave of market movement. Since the monthly chart has crossed bullish, it is highly likely to break the previous high, and currently, it is only about 200 dollars away from that high. During this period, buying pressure and trading volume for Ethereum are higher than for Bitcoin, indicating that many institutions are optimistic about it, as Ethereum is the technology that truly implements blockchain. Additionally, I mentioned Ethereum's exchange rate, which has been exceptionally strong after several years; this is a crucial reason for its rise. The key level to watch now is 4,640. Can it hold this position effectively? If it can hold, it will likely move around 5,000. A few days ago, we predicted this wave of Ethereum would oscillate between 5,000 and 6,000, and it is already close to that. In the weekly review on Monday, I mentioned that as long as Ethereum dares to pull back, it is an opportunity to enter. From the market's long-short ratio, there are still many people shorting Ethereum. In summary, the overall direction remains upward, but at this level, it is not advisable to chase with large positions, as the Ethereum Foundation has started to take profits. Support is at 4,488-4,330, and resistance is at 4,640-4,760-4,860.
sol
On Monday, I mentioned to be patient and wait for the supplementary rise. Today, after the market opened, we found that as we wished, we can now look at around 205. As long as it holds above 205, it will oscillate between 213 and 253.
