BTC - Testing the Upside in the Lower Value Range
Bitcoin's gap towards 28k remains our greatest challenge of the past month, with 3 rejections now.
On the other hand, the support is rising and we remain over the 200w MA.
If we retrace, I'm looking at 21k. If we breakout I'm looking to rally towards an eventual 28k test.
This week's Consumer Price Index (CPI) inflation reporting may inject some short term volatility either way but I don't expect it to significantly sink price unless the numbers come in far higher than the worst estimates. Most investors already expect a 75bp rate hike in September by the US Fed, which assumes no surprises.
An unexpectedly high CPI report would introduce uncertainty and the possibility of a higher hike, which isn't necessarily priced into the markets yet.
On the other hand, the support is rising and we remain over the 200w MA.
If we retrace, I'm looking at 21k. If we breakout I'm looking to rally towards an eventual 28k test.
This week's Consumer Price Index (CPI) inflation reporting may inject some short term volatility either way but I don't expect it to significantly sink price unless the numbers come in far higher than the worst estimates. Most investors already expect a 75bp rate hike in September by the US Fed, which assumes no surprises.
An unexpectedly high CPI report would introduce uncertainty and the possibility of a higher hike, which isn't necessarily priced into the markets yet.
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.