🔥 Bitcoin: Scouting A Bearish Entry On CPI Optimism
So the CPI data just dropped and was, surprisingly, much better than expect. Since everyone was shorting this caused a massive rally both both shorts leaving and longs entering the market.
However, I'm not convinced that this is actually the bottom. For a bullish bias, I'd like to close the week above 18.2k, but I'll leave that for another analysis.
Currently, I'm lookin at the BTC summer lows of around $17650 to be turned into resistance. Assets often like to retest previous resistances as support, and the other way around.
If we can see a nice reversal today from this resistance, I'm expecting that the retest is successful and that we will resume the downtrend. So please be patient for a potential reversal, the signal will be invalidated if we close the day above the summer '22 lows.
Targets in blue at recent supports.
However, I'm not convinced that this is actually the bottom. For a bullish bias, I'd like to close the week above 18.2k, but I'll leave that for another analysis.
Currently, I'm lookin at the BTC summer lows of around $17650 to be turned into resistance. Assets often like to retest previous resistances as support, and the other way around.
If we can see a nice reversal today from this resistance, I'm expecting that the retest is successful and that we will resume the downtrend. So please be patient for a potential reversal, the signal will be invalidated if we close the day above the summer '22 lows.
Targets in blue at recent supports.
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