US GDP shows greater growth than expected. A complete list of data important for the American stock and crypto market:
- Core Personal Consumption Expenditures Price Index (3rd quarter) - 2.20% against a forecast of 2.10% and a previous value of 2.80%.
- GDP (q/q) (3rd quarter) - 3.1% against a forecast of 2.8% and a previous value of 3.0%.
- Number of initial claims for unemployment benefits - 220 thousand against a forecast of 229 thousand and a previous value of 242 thousand.
In total - the spending index is slightly above the forecast, but has decreased; initial unemployment claims are lower than the forecast; US GDP showed the highest growth rate this year. Overall, a rather positive picture for the markets. But if the spending index had turned out to be below the forecast or within its range, it would have been much better. This, after all, is currently more significant data for the Fed than GDP.
The #BTC rate did not show positivity on this data (as did the stock market, by the way). The price of BTC has hit the very resistance in the form of the EMA 50 on the four-hour timeframe and the volume level of $102,757 (not even reaching the second one).
On the hourly timeframe, signals of a potential high are being processed according to our indicator. And on the 4-hour timeframe, an additional reversal signal appeared on the current candle, but it is not closed yet. For now, there are more arguments that there will be another decline.
The picture resembles the prospect of the 'Dragon' pattern, and in this case, before breaking the trend line from December 17, the asset still needs to correct below yesterday's decline low of $98,802. Attention - to the trend resistance.