Where is Bitcoin after CPI data?
Bitcoin is going down, but a 4H chart shows we're at the support area provided by the 50% Fibonacci drawn from the low in August 1st, which means the main trend is still bullish.
Only with a 4H candle closing below 29.3K we would be talking about a continuation to the downside, and even in that case, we still have another support area between 28.6K and 28.9K.
The resistance area is between 29.2K and 30.2K, which basically means:
- We're not fully bearish yet
- Even if BTC goes below 29.3K, there's still another support to break
- When we go up, unless we see ca candle close above 30.2K is more of the same.
In the end, if you zoom out, we have been just ranging sideways for over a month.
More on this? It's easy: as long as the HTF (4H) is bullish, you'll have better chances to make money looking for longs than shorts.
That doesn't mean you can't take shorts, but be aware that you'll be playing against the HTF, which, believe or not, is still bullish.
This can change, of course, but I always prefer to focus on the data instead of speculation and nothing changes for BTC unless we lose 28.6K
See you in the next update!
Only with a 4H candle closing below 29.3K we would be talking about a continuation to the downside, and even in that case, we still have another support area between 28.6K and 28.9K.
The resistance area is between 29.2K and 30.2K, which basically means:
- We're not fully bearish yet
- Even if BTC goes below 29.3K, there's still another support to break
- When we go up, unless we see ca candle close above 30.2K is more of the same.
In the end, if you zoom out, we have been just ranging sideways for over a month.
More on this? It's easy: as long as the HTF (4H) is bullish, you'll have better chances to make money looking for longs than shorts.
That doesn't mean you can't take shorts, but be aware that you'll be playing against the HTF, which, believe or not, is still bullish.
This can change, of course, but I always prefer to focus on the data instead of speculation and nothing changes for BTC unless we lose 28.6K
See you in the next update!
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