Important Bitcoin update!
MUST READ if you are wondering what is happening!
Yesterday we saw a massive daily,weekly candle rise which broke the weekly bull flag and also confirmed the weekly stoch RSI signal(If you dont know what this is,both are very bullish signals).
The first CPI data showing inflation is slowing was the catalyst the market needed.
Whats next? Why are we falling,slowing down?
To new traders who might not understand let me explain.
Firstly, the retail market is still very wary,we have had 10s of billions in liquidations in recent months, SENSIBLE short term traders who missed the $62k-$65k pump are nervous entering trades so close to $67k sell pressure.
Secondly, this CPI data does NOT signify we are in for Euforia and the worldwide economy is suddenly fixed, what it means is we have gone from likely 0 interest rate cuts this year(or a very slight chance of an increase) to possibly 2 cuts IF(BIG BIG ENORMOUS IF) these numbers confirm in future readings and also other data supports it, most people who have suffered the ups and downs in recent months know that sometimes these glimmers of hope are crushed by an unfavourable reading in days to come,USD data happens daily, weekly, some has more effect like the good CPI data but we NEED MORE.
Thirdly, if you study charts you will know to CONFIRM most breakouts we usually NEED a RE TEST, resistance becoming support, this area is usually around key FIB levels or previous majors levels of support,resistance.
This level on Bitcoin is around $63k
I think it is LIKELY we will test this area(62.8-64)tommorrow and to CONFIRM bullish momentum we need a STRONG rejection to the upside and to end the week ABOVE $65.5k
I am ONLY giving information,we are NOT in any short-mid term trend we are still sideways.
Be Smart,Enter at good prices,dont FOMO.
Watch Bitcoin key levels regardless of what Crypto you are trading.
I am sorry if i use CAPS,dramatize titles to much i just want to get certain points across,i am trying to help newer traders.
Peace
