Interpretation of cryptocurrency market on February 15 2023
Last night's inflation data was lower than expected, falling only 0.1%. The rise in the MoM data reflects that inflation is repeating itself and is a clear negative. After the release of the data, the number of people expecting the Fed to continue to raise interest rates by 25 points in June also prevailed. Expectations of a rate cut this year were also temporarily diminished.
There is still one more round of data confirmation before the Fed formally raises rates at the end of March. There is still room for the market to play freely.
The only thing to be optimistic about is that the strategy hedges potential losses. As mentioned many times before, the current phase of the market is defined as a bullish wave. (Or about to open the first bullish wave, which is still in the bearish oscillation range and lacks the final breakout certification.) We will only consider shorting operation once the price reaches the position where it should be at the end of the bullish wave one. This line of thinking has already averted losses twice in the recent past.
It could give you a hint. The large cycle determines the direction of the single. Smaller cycles determine the timing of entry. It's easier to find order in the chaos. Crypto markets are open 24 hours a day. Giving up half of the opportunity can still be left a lot. It is only possible to accurately predict the market sometimes. It is not a pity to give up those relatively risky operations. After all, only those who persevere are eligible to take profits.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.