BTC CPI data trade
Updated
Good evening, we have a busy week ahead and we start tomorrow, Tuesday, with the CPI data.
Tomorrow at 2:30pm we have the release of the US CPI (Consumer Price Index), which reflects the rate of inflation. Honestly, I expect further downside ahead of this release. The current CPI forecast looks really bullish, which means that the price could rise if the forecast is met. Right now we are trading at a resistance level, which could potentially push us further down. But after that, euphoria could set in and push the price back up.
The expectations and forecasts for the CPI are as follows:
CPI Year-on-Year (YoY): 4.1% (previous reading: 4.9%).
CPI month-on-month (MoM): 0.2% (previous value: 0.4%)
Core CPI month-on-month (MoM): 0.4% (previous value: 0.4%)
The CPI is expected to register a year-on-year decline to 4.1%. The month-on-month CPI is also expected to be lower than before, with an increase of 0.2%. Core CPI, on the other hand, is expected to hold steady at 0.4% month-on-month.
My trade
1.Long @ 25320 1/4
2. long @ 25025 3/4
1st TP "38 Fib" = 25471 (30% of position + SL break even)
2nd TP "ML" = 25603 (20% of position + SL on TP 1)
3. TP "MH" = 26200 (50% of the position)
SL = 24662
R&V = 3.6
Will set my trade setup only tomorrow at 10am (night might bring volatility)
Tomorrow at 2:30pm we have the release of the US CPI (Consumer Price Index), which reflects the rate of inflation. Honestly, I expect further downside ahead of this release. The current CPI forecast looks really bullish, which means that the price could rise if the forecast is met. Right now we are trading at a resistance level, which could potentially push us further down. But after that, euphoria could set in and push the price back up.
The expectations and forecasts for the CPI are as follows:
CPI Year-on-Year (YoY): 4.1% (previous reading: 4.9%).
CPI month-on-month (MoM): 0.2% (previous value: 0.4%)
Core CPI month-on-month (MoM): 0.4% (previous value: 0.4%)
The CPI is expected to register a year-on-year decline to 4.1%. The month-on-month CPI is also expected to be lower than before, with an increase of 0.2%. Core CPI, on the other hand, is expected to hold steady at 0.4% month-on-month.
My trade
1.Long @ 25320 1/4
2. long @ 25025 3/4
1st TP "38 Fib" = 25471 (30% of position + SL break even)
2nd TP "ML" = 25603 (20% of position + SL on TP 1)
3. TP "MH" = 26200 (50% of the position)
SL = 24662
R&V = 3.6
Will set my trade setup only tomorrow at 10am (night might bring volatility)
Trade closed: target reached
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