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#Gate广场四月发帖挑战 PCE and CPI data higher than expected, will Bitcoin crash on Black Friday?
Recent market movements closely follow the turbulence in the Middle East. The US-Iran ceasefire agreement is in place for now, but last night Iran started causing trouble again. Tonight's blockbuster report will feature: March PCE and CPI data release.
The overall March CPI is expected at 3.4%, higher than February's 2.4%. Core CPI for March is expected at 2.7%, above February's 2.5%. Due to the US-Iran Z dispute and energy fluctuations impacting the economy, the higher-than-expected data has led to rate cuts and cooling measures.
US Treasury yields have increased, putting pressure on stocks and cryptocurrencies, facing downside risks.
BTC is currently in a clear upward trend, but trading volume has shrunk significantly, creating a divergence between price and volume. The upward momentum is not strong and may be a trap for late buyers.
Mainly shorting at high points, watch for a pullback to support levels at 71,500-70,400.
Breaking below 70,400 would completely invalidate the bullish pattern, so consider light positions and stay alert.
Short positions around 7,240-7,280, with a stop at 7,370, target 7,150-7,040, and a further decline to 6,920 if broken.
ETH short positions around 2,234-2,256, with a stop at 2,298, target 2,160, and a further decline to 2,110 if broken.
Short-term trading should be flexible; stop-loss decisions depend on your own position and situation!
Recent market movements closely follow the turbulence in the Middle East. With the US-Iran ceasefire agreement in place, last night Iran started causing trouble again. Tonight's blockbuster report will feature: March PCE and CPI data release. The March CPI is expected at 3.4%, higher than February's 2.4%. Core CPI for March is expected at 2.7%, up from February's 2.5%. Due to the US-Iran Z dispute and energy fluctuations impacting the economy, the higher-than-expected data led to rate cuts and cooling measures, boosting US bond yields, which pressure the stock and crypto markets, facing downside risks.
BTC is currently in a clear upward trend, but trading volume is extremely thin, creating a divergence between price and volume. The continuation of the rally is uncertain and may be a trap for late buyers. Focus on shorting from high levels, watch for a pullback to support at 71,500-70,400. Breaking below 70,400 would ruin the bullish pattern, so consider light positions around this level.
Short around 7240-7280, with a stop at 7370, target 7150-7040. If broken, look further down to 6920.
ETH short around 2234-2256, with a stop at 2298, target 2160, and if broken, down to 2110.
Short-term trading should be flexible, with stops based on your own position and risk management!