Morning folks,
Price performance looks nervous in recent few sessions. Based on what I see on intraday chart, it seems that BTC is trying to break down the 29.65-29.67 K support area that we've discussed previously. Because it doesn't look like upward reversal. On daily chart we have bearish wedge consolidation and uncompleted weekly 25.9K target.
Yes, lower CPI numbers could provide short-term momentum and let BTC to complete our 34-34.4K upside target. But this is different type of trading. You could try to bet on CPI numbers, if you want. Purely technical price action makes me to stay aside from long positions by far. Here I even do not consider our long term fundamental view, that is bearish.
Price performance looks nervous in recent few sessions. Based on what I see on intraday chart, it seems that BTC is trying to break down the 29.65-29.67 K support area that we've discussed previously. Because it doesn't look like upward reversal. On daily chart we have bearish wedge consolidation and uncompleted weekly 25.9K target.
Yes, lower CPI numbers could provide short-term momentum and let BTC to complete our 34-34.4K upside target. But this is different type of trading. You could try to bet on CPI numbers, if you want. Purely technical price action makes me to stay aside from long positions by far. Here I even do not consider our long term fundamental view, that is bearish.
ForexPeaceArmy BTC analytics :
www.forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
www.forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
www.forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
www.forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/