BITCOIN Today's CPI rebound may change the narrative.

Bitcoin is rebounding massively on its September Support Zone following the CPI release despite a higher than expected reading. Being still lower than the previous month, the markets strong defense reaction on this Support level may change the bearish narrative of the past two months.

The immediate Resistance level is the 1D MA50 (blue trend-line) but the difference maker will be a break or rejection on the August 14 Lower Highs trend-line and the 20600 Symmetrical Resistance, which as we mentioned on last week's analysis shown below, has rejected the price 5 times in just over a month:


A break above this highly important Resistance Cluster, can set in motion bullish break-outs that can target the upper Fibonacci retracement levels one by one all the way towards the critical long-term 1D MA200 (orange trend-line) test. On the other hand a closing below the Support Zone, would probably be translated into a break below the 1W MA300, which has been holding since the June low. Below that level, 16000, 14000 even 12000 is possible before Bitcoin bottoms.

Which scenario do you think will prevail? Feel free to let me know in the comments section below!



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