The U.S. CPI report may extend the bearish trend in BTCUSD
Today, the U.S. Bureau of Labour Statistics will publish the Consumer Price Index (CPI) report at
12:30 p.m. UTC. The data release will likely affect the exchange rate of the U.S. dollar (USD) and related pairs.
How to use the opportunity: place a pending Sell Stop order near 56083.57, with a Stop Loss at 58179.31 and Take Profit at 53987.83.
The risk-reward ratio for this order is 1:1.
Explanation
The CPl report will show how the prices of goods and services purchased by consumers have changed over the past month. Most investors and traders will focus on the core inflation rate, which tracks the changes in prices for a basket of goods, excluding food and fuel.
The market expects a 0.2% rise in monthly core inflation and a 3.2% annual increase.
We project the U.S. core CPI figures to be higher than anticipated, implying a possibility for a bearish surprise in BTCUSD.$BTC $BTC
