Bitcoin: Staying neutral for now
Hi Traders
Last Friday Bitcoin did break out of the high volume node below 40k. After the weekend and more or less one trading day, I think, the price could actually hold above 40k. But I expect Bitcon to retest the top of that high volume node in the upcoming days. This retest will be crucial, if it holds, I will flip bullish on Bitcoin. Before that I will stay neutral.
Its important to keep in mind that the upcoming Thursday the United States Inflation Rate from last month will be released. This could give more information on the FED's priority in the upcoming weeks and months. A high inflation rate will shift the focus on the FED further towards inflation so they will need to tighten their money printing politics. This would effect all asset classes including Bitcoin. Meaning, even if Bitcoin retests 40k before thursday, I will not jump into a long trade.
Last Friday Bitcoin did break out of the high volume node below 40k. After the weekend and more or less one trading day, I think, the price could actually hold above 40k. But I expect Bitcon to retest the top of that high volume node in the upcoming days. This retest will be crucial, if it holds, I will flip bullish on Bitcoin. Before that I will stay neutral.
Its important to keep in mind that the upcoming Thursday the United States Inflation Rate from last month will be released. This could give more information on the FED's priority in the upcoming weeks and months. A high inflation rate will shift the focus on the FED further towards inflation so they will need to tighten their money printing politics. This would effect all asset classes including Bitcoin. Meaning, even if Bitcoin retests 40k before thursday, I will not jump into a long trade.
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