๐ฅ Bitcoin Falling After Bad CPI: New Leg Down?
A couple of days ago I made an analysis on BTC and how the upcoming CPI news could affect it. As mentioned in the previous analysis, I think we're going for a retest of the green support area.
This green area will likely offer strong support and it would require some very strong selling to fall through here. Next week there's another FED interest rate decision. If this is perceived bad, it could be the catalyst for BTC to make new lows and fall below 17.5k.
With inflation on the loose and the FED unable to tame it, I would deem it highly unlikely that whatever will be said next week will be interpreted positively by the market.
In case of a further sell-off, I'm looking at a target around the 400-week SMA, think 14k.
Keep in mind that we could even fall further. See my worst case scenario below.
This green area will likely offer strong support and it would require some very strong selling to fall through here. Next week there's another FED interest rate decision. If this is perceived bad, it could be the catalyst for BTC to make new lows and fall below 17.5k.
With inflation on the loose and the FED unable to tame it, I would deem it highly unlikely that whatever will be said next week will be interpreted positively by the market.
In case of a further sell-off, I'm looking at a target around the 400-week SMA, think 14k.
Keep in mind that we could even fall further. See my worst case scenario below.
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