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Last night, Powell spoke at the semi-annual monetary policy report hearing. Previously, the Fed has expressed more confidence in not lowering interest rates before there is more substantial progress towards the 2% inflation target. The gist of it is: there has been moderate progress in inflation, but more long-term data is needed to support confidence in sustained inflation decline. In plain language, does this mean that a rate cut needs to wait a little longer? Cutting rates too early may hinder inflation decline, but cutting rates too late or too little may excessively weaken the economy and employment. When is too early? The next possible timing node is September, so can we understand that it's unlikely in September? And what about too late? The next timing window would be November? Guess, could it be after the US election? The latest non-farm payroll data shows a slight cooling in the labor market, and it is specifically mentioned that the labor market has not heated up. Implicitly, can we understand that action can already be taken from the perspective of the labor market? The entire speech did not provide a specific timetable for rate cuts, but it was mentioned that if inflation makes more long-term progress and the labor market remains strong, action will be taken at the appropriate time. The focus is still on the progress of inflation! Next, let's follow the latest CPI data released by the Fed tonight. Although there is a lot of uncertainty here, at least it can provide guidance for the Fed's upcoming actions!

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BTC is still in a weak oscillation and consolidation structure. The market rebounds and falls under pressure, continuously lowering the high points. Support is formed at the bottom, and long and short positions switch back and forth, without providing a one-sided signal. The space cannot be further opened. Looking at the 4-hour chart, the price cannot break through the resistance on the market plate, and the long period of stability is also a suppressive force. Rebound of long positions without breaking through is futile. This is still unfavorable for long positions. The resistance point above the current structure is strong, and the support below is formed with the oscillation of the market plate. It is expected that there will be no one-sided breakthrough within the day, and it will remain in an oscillating consolidation. BTC is currently trading around 57500. Looking at the short-term hourly chart, the Bollinger Bands are opening up, and the price may test the upper Bollinger Band near 59500 and pull back. From the overall hourly chart, the market maker is controlling the market trend strongly. This position can temporarily serve as a resistance level. The current price has returned to the previous consolidation range, and the daily key pressure level of 60500 remains unchanged. The KDJ three lines are parallel, with the J value lower than the KD value and diffusion blocked. Focus on the breakthrough above in the day. Therefore, we can consider shorting at high levels and longing at low levels.

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ETH's intraday price rebounded briefly after breaking through the oscillation range, then fell back again. Yesterday morning, it retraced slightly to the 3022 level and started oscillating upwards. The long side tested the 3120 level, but ultimately faced pressure and fell back after testing the 3150 level overnight. Currently, the price is running near 3100. Looking at the indicators, the daily chart shows three consecutive positive signs, and the four-hour chart indicates that the price is staying above the MA5 and MA10, forming a support for the oscillation upwards. Looking at the 12-hour chart, the MACD and KDJ indicators resonate upwards, but the Bollinger midline and the MA30 are still in a downward state, indicating that the 3180-3220 resistance range is relatively strong in the short term. The key focus for the day is to follow the breakthrough situation of the key resistance level above. The current trading strategy remains unchanged: short at the upper boundary of the box, and long at the lower boundary. During the process of positioning long and short orders, we must pay attention to controlling the position and avoid heavy positions.