Volatile times and Powel is weird. But it's great to see the order flows lighting up right after the CPI data. Lots of fresh longs opening at 14:00, 13:00, 18:00 and the downward price was mostly from shorts closing. Setting higher highs and higher lows. So longs as the macro stays constant, BTC and alts should perform well going into the weekend and next week. The test of this is a breakout above 20k which has been a range high.
All of this is short-term however as the FED does need to cover the higher inflation figures and their only trick is to increase rates but this is a problem for 26-27 July. Though, an argument could be made here that the expectation of rate hikes should now be 75 basis points or higher (anything lower is just silly with such high CPI figures). >75 = dump, <75 = business as usual.
Oh and one last thing, high CPI figures mean business will be struggling (especially smaller businesses that form the backbone of many western economies). This gives the fed reason to raise federal funding rates!
TA wise: The prevailing channel is horizontal with resistance at 20k and support at 19.3 (and S2 at 18.9). I would look to see a break and hold of 20k to solidify a bullish move (we already tested it once today). I get a feeling that we are in for a move up based on the futures funding today but NFA. The S&P closed flat which is concerning but BTC has well-outperformed it today. 21k would be a nice short entry if the SPX can't find any life, it will drag BTC down
https://www.tradingview.com/x/IEQkHVq3/
No reviews yet.