🔥 Bitcoin: Scouting A Bearish Entry On CPI Optimism

10 Nov 2022

So the CPI data just dropped and was, surprisingly, much better than expect. Since everyone was shorting this caused a massive rally both both shorts leaving and longs entering the market.

However, I'm not convinced that this is actually the bottom. For a bullish bias, I'd like to close the week above 18.2k, but I'll leave that for another analysis.

Currently, I'm lookin at the BTC summer lows of around $17650 to be turned into resistance. Assets often like to retest previous resistances as support, and the other way around.

If we can see a nice reversal today from this resistance, I'm expecting that the retest is successful and that we will resume the downtrend. So please be patient for a potential reversal, the signal will be invalidated if we close the day above the summer '22 lows.
Targets in blue at recent supports.