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BITCOIN - Bullish Outlook and Expecting a Breakout
CPI report released today and a 0,2% expectation for the month vs 1,3% last week is expected to be a 'good result'.
Last week Btc intially dropped on high inflation before rising. Volatility is part of the 'game' and so it will be today as well.
In any acse my outlook is Bullish for reasons I have explained before.
Chart.
Middle of ascending channel is holding nicely as support. That means i am a buyer today, going Long.
Major news/fundamental:
Cathie Wood of ARK Invest Says BlackRock’s Entrance to Crypto Could More Than Double Price of Bitcoin
Wood also notes another Bitcoin metric indicates BTC could actually surge even higher.
“The illiquid supply, according to our estimates, is about 14 million out of the roughly… 18-19 million Bitcoin outstanding… And by our calculations, only three million units are truly liquid. And so the demand – if we were to see a $1 trillion increase in demand – then it would probably drive the price up much higher than the doubling that I just mentioned.”
One Love,
The FXPROFESSOR
Check my previous ideas on finding the BTC Bottom here:
Last week Btc intially dropped on high inflation before rising. Volatility is part of the 'game' and so it will be today as well.
In any acse my outlook is Bullish for reasons I have explained before.
Chart.
Middle of ascending channel is holding nicely as support. That means i am a buyer today, going Long.
Major news/fundamental:
Cathie Wood of ARK Invest Says BlackRock’s Entrance to Crypto Could More Than Double Price of Bitcoin
Wood also notes another Bitcoin metric indicates BTC could actually surge even higher.
“The illiquid supply, according to our estimates, is about 14 million out of the roughly… 18-19 million Bitcoin outstanding… And by our calculations, only three million units are truly liquid. And so the demand – if we were to see a $1 trillion increase in demand – then it would probably drive the price up much higher than the doubling that I just mentioned.”
One Love,
The FXPROFESSOR
Check my previous ideas on finding the BTC Bottom here:
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