Bitcoin 14/7/22 idea (post-CPI)
Bitcoin is currently in a very big consolidation range. There is extreme market pressure right now due to a lot of different negative global events - China bank run, US recession and high inflation, Euro collapsing....
Market had nuke when 9.1% CPI dropped but quickly started rallying, which is exact opposite of what you'd expect. There could be multiple reasons for this:
- Retail being dumb and thinking that inflation is peaking so they start buying
- Shorts buying back on their positions
- Strong technical level is being anticipated by market
- ...
I think that in the long run this range will eventually break to the downside and come into the 14-12k area.
Market had nuke when 9.1% CPI dropped but quickly started rallying, which is exact opposite of what you'd expect. There could be multiple reasons for this:
- Retail being dumb and thinking that inflation is peaking so they start buying
- Shorts buying back on their positions
- Strong technical level is being anticipated by market
- ...
I think that in the long run this range will eventually break to the downside and come into the 14-12k area.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.