🔹Bitcoin is trying hard to maintain its position above $60k
🔹Today's market will be volatility due to the release of CPI data.
🔹It's expected to come 3.4%, but if it above this, we might see a market fall.
🔹The CPI data will play a crucial role in determining whether interest rates will be cut in the future or not. However, I don't believe it will exceed 3.4 today.
▫️Bitcoin's price is currently retesting the falling wedge pattern, where we're also seeing significant support.
▫️If this Support breaks There's a chance for Bitcoin will back Below $59,000 and potentially reach $57,000 where it will form a Double bottom pattern.
▫️After this, we might see a bounce back and the price could move towards reclaiming its upside liquidity.
I am pretty sure that the main question is where to buy BTC? Here is two ways to perform one of the biggest trades in this cycle:
1️⃣ Knifes catching. The plan is simple: you set buy orders at possible supports to get the best entry. For me best zones are the mid of the move at $56k and $51k - $53k blue zone! Note that max leverage here is 2-3x, because you never know how far the wick will go!
2️⃣ Buying the bounce. This one is more straight-forward: you just sit and wait for BTC price to come back above $61k level to buy! This one is less stressful and also allows higher leverage: you simply set your stop loss below the recently formed low!
Of course knifes catching trade is more tempting, but I will definitely choose buying the bounce! I will have clear setup and won't worry about any unexpected super-dumps 🤓