09/09/24 Weekly outlook
Last weeks high: $59,829.20
Last weeks low: $52,551.34
Midpoint: $56,190.27
More sell-off last week in the crypto markets, very tough market conditions continue, hitting the $52,000 bullish OB+ again, the first time being exactly one month before.
This area had held as support previously but it needs to hold this time around too, failing that $50,000 is the bottom of the daily downtrend channel.
US CPI (Wednesday) & PPI (Thursday) this week, as with big news events we can potentially see volatility, this will be the last US CPI before rate cuts begin in the US, in Europe rate cuts are forecast to begin on Thursday, predicted to drop from 4.25% to 3.65% according to invesing.com, a 60bps cut.
Another major news event this week is the Trump v Harris Presidential debate. I'm not expecting a whole lot of crypto talk in this debate, if I'm being completely honest I can't see it being an adult debate about political policy at all. However, I do think it will have an effect on the markets one way or another, obviously Trump is the better outcome for crypto if he stays true to his plans set out during the Bitcoin conference compared to the plans for the Harris administration to tax un-realized gains which is not very pro-investment. Again, I'm not holding my breath for any information on crypto but it is a major news event all the same.
So in conclusion this week is full of news events that could create volatility, with BTC at its current level nearer the bottom of the daily trend. It does feel like we're maybe coming to an end of the chop with monetary policy pivot taking place soon.
Last weeks low: $52,551.34
Midpoint: $56,190.27
More sell-off last week in the crypto markets, very tough market conditions continue, hitting the $52,000 bullish OB+ again, the first time being exactly one month before.
This area had held as support previously but it needs to hold this time around too, failing that $50,000 is the bottom of the daily downtrend channel.
US CPI (Wednesday) & PPI (Thursday) this week, as with big news events we can potentially see volatility, this will be the last US CPI before rate cuts begin in the US, in Europe rate cuts are forecast to begin on Thursday, predicted to drop from 4.25% to 3.65% according to invesing.com, a 60bps cut.
Another major news event this week is the Trump v Harris Presidential debate. I'm not expecting a whole lot of crypto talk in this debate, if I'm being completely honest I can't see it being an adult debate about political policy at all. However, I do think it will have an effect on the markets one way or another, obviously Trump is the better outcome for crypto if he stays true to his plans set out during the Bitcoin conference compared to the plans for the Harris administration to tax un-realized gains which is not very pro-investment. Again, I'm not holding my breath for any information on crypto but it is a major news event all the same.
So in conclusion this week is full of news events that could create volatility, with BTC at its current level nearer the bottom of the daily trend. It does feel like we're maybe coming to an end of the chop with monetary policy pivot taking place soon.
Note
CPI Comes in at 2.5% (YoY) as forecast.
Core (MoM) in at 0.3%, +0.1% higher than forecast.
So far price isn't reacting much to the news, all eyes on FED rate cut next week.
Note
$58,750 is the 4H 200EMA, BTC has fallen just short of it for now but as always the target is to flip it bullish.Note
So far this week despite all the news events we've seen a steady climb in BTC, printing a mirror image of last week.
I do think we'll see a volatile weekend, just a gut feeling...
Note
BTC @ local high, can BTC flip the high this weekend??
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.