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Bullish

New week, new live session!
Join me at 8 AM UTC to discuss the latest market updates and trade strategies. Besides Bitcoin, I have a look at $RNDR , $ICP , and many other tokens.
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BinaryX (BNX) — Forming A Promising Triangle Pattern Having returned from vacation, I will also provide more trade setups in the free newsletter. Today, we start with BinaryX (BNX). Since July, BNX has formed a triangle pattern in the daily chart. At the time of writing, the token attempts to break out of this pattern to the upside. Once this happens and is confirmed on the daily chart, BNX will offer a solid entry. Based on the triangle, the profit target sits at $2.5. However, $1.83 and $2 should be used as initial targets. $BNX

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Bitcoin — Why I Remain Cautious! Yesterday's inflation data was slightly lower than expected. In general, this was a good sign. Lower inflation paves the way for rate cuts. As background, unlike many other central banks, the FED has two objectives: managing the inflation rate and a prosperous economy. Typically, it requires a balanced approach. Since inflation seems under control, lower interest rates will help stimulate the worrying economy. Once the numbers were published, Bitcoin turned green immediately. However, 58k was the resistance once again. However, the bullish signs are increasing—undoubtedly. At that point, I can repeat my cautiousness: As promising as the current price action looks, it is essential for Bitcoin to 1) close above 58k on the daily chart and 2) subsequently, above 60k Until this happens, the bearish scenario of another dip to the channel's lower trendline (52k) will be valid. Especially 60k will be a huge hurdle; a decisive rejection would not surprise me.

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Bitcoin — 58k Remains The Barrier! Bitcoin made another attempt to break through the 58k barrier yesterday. However, the attempt wasn't fueled by strong volume and was easily fent off by the bears. Yesterday's price action supports my thesis of another dump toward the CME gap at 54k and the channel's bottom before the price goes higher. The volume does not support massive bullish momentum at this point. Currently, 56.5k acts as a support level, but I don't think it'll last much longer. The only thing that could invalidate my scenario is a surprise in the inflation data. Unfortunately, the chances are relatively low since the inflation forecasts have been pretty accurate lately. From a long-term perspective, nothing has changed. I added a path that illustrates my expected scenario. Summarized: We will go lower during the next few days before we start pumping into October.

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Inflation Data — Here's How Crypto Will Respond Today! The consumer price index (CPI) is coming this Wednesday, just ahead of the Federal Reserve's next meeting, where they may begin a series of interest rate cuts. This data will be key in shaping the Fed's decisions and market reactions. If the report shows inflation is lower than expected, the Fed could ease rates more quickly or more intensely. However, if inflation is more substantial, the Fed may take a slower approach. Here’s what to watch for: * Consumer prices are expected to rise 0.2% from July. * Core CPI, which excludes food and energy, is also expected to increase by 0.2%. * Year-over-year, CPI is forecasted to drop to 2.6%, while core CPI will likely stay at 3.2%. My Outlook and What It Means for Crypto The market expects a 25bps rate cut in September (see chart below). As mentioned, I don't expect surprises, and the CPI data should align with expectations. In this case, the FED will likely pursue the 25bps rate cut scenario in September. As excited as people are about the rate cuts, I predict that crypto prices will go lower (short-term) in this case simply because this is already priced in! So, if the CPI comes in as expected, we might actually see a price decrease in crypto. However, if CPI comes in much higher, it could fuel hopes of a 50bps rate cut, which might lead to a price increase in crypto.

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Toncoin (TON) — Why I Remain Cautious! TON showed some strengths and bounced nicely from its crucial support level at ~4.70, which was important. On the other side, TON is still in some serious trouble: Strong downtrend with lower highs and lower lows. Dropped out of the long-term channel. So far, it couldn't reclaim the channel. Based on this, I remain cautious about TON. The token needs to return to the bullish channel as a first step. Otherwise, I don't see a long position and expect more downside potential in the mid-term.

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