Let's take a look at the price of crude oil. It is very consistent with the harmonic pattern. After completing a fairly standard Bearish bearish bat, it began to turn downward. The CPI data was released again on May 15. This time it was the April CPI, which is likely to be not very good. However, when it is released again in June, it is very likely that there will be favorable data suddenly, and the market reaction is always in advance, so everyone should understand from the end of May to the beginning of June [13:41] The traders who can survive are the ultimate winners.
The volatility of the big cake market continues. After breaking through the key point of 62,800 yesterday, it did not stand firm. The American online directly broke through and quickly fell to the 6w point and stepped on the green line for the third time. The cottage fell more sharply, and the entire network was liquidated for 160 million US dollars. Wall Street continued the nature of the sickle, so it has been emphasized that you must bring a stop loss when doing contracts. Falling below 62,800 points is the best time to close the position with one click, otherwise the profit retracement will be very large. Did you escape the top in this wave?
Let's take a look at the two scenarios of the 8h level bitcoin market:
Scenario 1: The bat pattern near 53,000 mentioned before has not failed, so once it falls below the key point of 59,000 again, you must pay attention to the second large retracement. The first drop often does not kill people, but the second drop often breaks the last straw. If I were an institution, I might consider falling to 53,000 again quickly to let more retail investors blow up their positions or get off the car. After all, it is easier to get on the road with a light car
Scenario 2: Do not fall below 6w, go through a head and shoulders bottom structure, continue to oscillate for a few rounds, and start again after time wears away retail investors
Why are you optimistic about the continued breakthrough and rise of bitcoin in the medium and long term?
1. Crude oil prices started to decline after completing harmonics, which is good for CPI. CPI has not fallen recently, and a large part of it is due to the high crude oil prices. If the CPI data is good, the expectation of interest rate cuts in September will basically be realized.
2. The increase in the number of initial jobless claims in the United States indicates that the economy has begun to cool down (of course, in my personal opinion, these data can be allocated by the government according to demand), which is also good for interest rate cuts.
3. Although Grayscale ETF outflows again on Friday, it has started to inflow this week, indicating a good signal.
4. The release of the US 13F broke the news that a large number of institutions entered the market to hold BTC spot positions. Since institutions have positions, there are two possibilities. The first is similar to the diamond hand of Micro Strategy, holding on; the second is to continue to inflow to pull up the price to make profits, and the shock before the pull is clearing retail investors is a routine operation of Wall Street.
Big Pie update, currently trading sideways and testing the support level of 62800 several times, if it does not break after the US launches tonight, the weekend copycat season can be expected, and the focus is still on meme, AI and Depin sections
GM, $BTC As expected, after breaking through the yellow line to confirm the strength, it continued to pull up and broke through 62800. It is currently stepping back to confirm. If it stands firmly at the next target 64800 key position and then breaks through, it can first see 7w. At the same time, today is Friday. If the market remains strong, the weekend cottage season can be expected again.