Follow and stay tuned for great gains. Hello everyone, I'm analyst Gu Jingci. Here, I share my perspectives, hoping that every friend who keeps up can achieve solid returns!
Last night, during the surge in Bitcoin/Ethereum prices, I once again reminded everyone to short near 1935 and 65300, and to consider adding to short positions. This week, the market has mostly been in a sideways consolidation, with very little volatility and poor liquidity, and no clear trend. Geopolitical situations have caused oil prices to fluctuate, boosting inflation expectations and triggering increased demand for gold as a store of value and safe haven. The unexpected softness in the US July non-farm payrolls greatly dented interest rate hike expectations, leading to a double drop in US Treasury yields and the dollar. The combination of these two forces gave gold its best weekly performance in seven months, while the crypto market lingered near the lows, then moved sideways after a slight increase, without obvious momentum.
Going forward, focus on how next week's CPI data affects the crypto market. Honestly, this kind of narrow sideways trading really tests patience. Many people get impatient in such conditions and jump into altcoins, especially those with large swings, making it even harder to control risks. Recently, we've also been testing some high ratio short-term trades, such as ADA climbing to around 0.21, and similarly with UNI during its rise. However, for altcoins like these, two or three trades a month should be enough—staring at these altcoins too much rarely ends well. At present, after these two tokens' rallies, a short position can be considered; if they break new highs, just close out the trades decisively.
When Bitcoin/Ethereum are in a sideways range, it's important to be patient and look for pullbacks, since new data is coming out next week. The CPI data reflects July, a month when crude oil surged and inflation was inevitably pushed higher.
