🔥 Bitcoin & 13 Sept CPI Inflation Data: What To Expect
As often happens before important news events, BTC has moved into an important area of resistance over the last few days. In my view, this is done to create some leeway before the CPI numbers will become public in two days.
It would seem logical if BTC were to trade around the yellow area of resistance for the next two days, while waiting for the new CPI numbers. Depending on whether the CPI numbers get viewed as good or bad, we can expect a move towards either the purple resistance area or the green support area.
It's pointless to predict whether the reaction to the CPI will be bullish or bearish. All I know is that in case CPI will be higher than the current reading, it would imply that the FED's rate hikes do not have the desired effect, so more hikes area needed, which in turn will lead to a sell-off.
All eyes on Tuesday.
It would seem logical if BTC were to trade around the yellow area of resistance for the next two days, while waiting for the new CPI numbers. Depending on whether the CPI numbers get viewed as good or bad, we can expect a move towards either the purple resistance area or the green support area.
It's pointless to predict whether the reaction to the CPI will be bullish or bearish. All I know is that in case CPI will be higher than the current reading, it would imply that the FED's rate hikes do not have the desired effect, so more hikes area needed, which in turn will lead to a sell-off.
All eyes on Tuesday.
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