BTC: What's Ahead After the CPI Data?
BTCUSD Bitcoin is up 0.52%, trading at $61,317.96 after the CPI data, which slightly exceeded expectations. Despite the minor increase, the overall trend shows continued sidelined behavior, reflecting the pattern of the past months. Here's a breakdown of the technical indicators:1D Timeframe
Oscillators: Mixed signals, with the Relative Strength Index (14) at 45.86 (neutral), but Momentum (10) and Commodity Channel Index (20) indicate buying potential. However, MACD Level signals sell.
Moving Averages: Most short- and mid-term moving averages suggest a sell, while the 200-period Simple Moving Average remains bullish at $60,020.79, suggesting long-term support.
2H Timeframe
Oscillators: Mostly neutral, but Momentum (10) gives a buy signal. The MACD Level and Moving Averages are in sell mode, reflecting short-term weakness.
Moving Averages: Clear sell signals dominate across the board, with only the Simple Moving Average (10) giving a buy at $60,868.83.
30-Minute Timeframe
Oscillators: The shorter timeframe shows mixed signals, with a buy from the MACD Level (12, 26) and Simple Moving Average (20), while Momentum (10) and Bull Bear Power remain bearish.
Moving Averages: Short-term moving averages are providing conflicting signals, showing that there may be a short-term consolidation phase.
Summary:
The indicators reflect a market still in consolidation with minor price recovery. Despite occasional buy signals on short-term charts, the overall trend remains cautious. Traders should keep an eye on potential breakouts from this sidelined range, but aggressive entries should be avoided for now.
Disclaimer: This is not financial advice. Always do your own research before making any investment decisions.
Disclaimer
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