On Monday, U.S. Treasury Secretary Janet Yellen said she was watching international developments that could have an impact on prices and economic output, but reiterated her view that U.S. inflation could be mitigated without hurting employment.
"The administration remains committed to taking actions to lower prices in America as much as possible," she said in a speech at an event in Las Vegas. "We will continue to monitor developments that may impact prices and growth, particularly abroad."
Yellen said, "We know that things rarely progress in a straight line. But I still believe that there is a path to continue to lower inflation while maintaining a healthy labor market."
Yellen believes that President Biden's economic policies have left Americans better off than they were a year ago, noting that the annual rate of inflation has fallen from a 40-year high of 9.1% in June last year to 3.2% in July this year. Despite the Federal Reserve's sharp interest rate hikes to slow price growth, the unemployment rate remains at a historic low of 3.5%.
Bitcoin started a new round of rise after it dropped to 15,450 points in mid-November last year. The bull market is still difficult at the weekly level, but at least the rhythm is still there. In fact, from the weekly level, there is still a small bull market this year, but due to the more factors of the global economic recession, this bull market is moving very slowly. However, I believe that the next wave of upward movement will come in the next 1-2 months, and it is initially expected to reach 35,000;
However, from the daily level, it is normal to touch the high point in a short period of time and then fall back. This time, the high of 31830 only fell back for one month. The last time there was a 2-month retracement cycle, and the amplitude was not enough. I predict that this wave of correction is expected to go below 29000 or even test the position of 28200-28000 again to truly complete the correction to stop the decline.
At this stage, the price of the currency fluctuates relatively slowly, and the operating space is not very large. At this time, we need to change our thinking in daily operations. This kind of market itself has a small fluctuation space, so the entry point cannot be as stubborn as before. Everyone knows that in the small range of shocks, in fact, you can get profits at any point, whether it is long or short, it is nothing more than waiting for a little longer. In the face of this kind of market, you can appropriately increase the proportion of operating positions, mainly accumulating profits through small short-term intraday operations. Although the fluctuation space is small, the risk is also much smaller, and the overall profit is also very good if you grasp it.
The current price of Bitcoin is around 29445. Yesterday, the price first fell back to test 29100, and then tested 29695 in the evening. Compared with the previous trading days, the fluctuation range yesterday was still very large, nearly 600 points, and it was the second time this month. However, no matter it was upward or downward, the price of the currency fluctuated around the range last night.
Yesterday, I also went long at 29200/100 in the early trading, and I perfectly grasped the position. In the evening, I also went short at the current price of 29500 in Huobi Live. In the early morning of the trading, I quickly retreated to 29255 to complete the profit. For today's operation, I personally recommend going short at around 29400-350, defending 29100, and the target is 29600-700;
As for Ethereum, there was a switch between long and short positions overnight, and the upper pressure area of 1855/60 was obvious. It also fell under pressure as expected in the early morning, and the short selling given during the session also successfully completed the profit-taking. Today, we will continue to pay attention to the operation in the shock range. We will go long at the support of 1835/30 below and go short at 1855/60 above. The fluctuation is simple, and the operation can be carried out around this idea.
When the vast majority of people in the market are looking in one direction, you may have wrong thinking at this time, that is, other people's thinking replaces your thinking. This is going with the flow and losing critical thinking. What should you do at this time? You should calm down, look at the market with your own eyes, listen more, watch more, and learn more. An investor who is unwilling to learn is not an investor at all. This is a pure speculator and a stupid investor. I hope to find smart investors who are worthy of my wise brain and sophisticated strategies. This market is not short of analysts, but analysts who dare to criticize investors. Although analysts serve customers, they are also mentors in investment. A mentor should have the right to speak. $BTC $ETH
The author of this article/Duan Chenbei, a professional investor who dares to speak and act!
