Hi traders,
Just a brief follow up chart from earlier today.
1) CPI was negated by the Uk/other countries figures being as expected not worse, hope remains in the fools mind that inflation is over.
It is popular belief that inflation is going to be smoothly reducing (unlikely) AND the MM are going to play on these expectations the most in current times.
2) right now we have 2 options, pump to 22-25k supply area or dump back to 17k BUT the likely hood we are about to see another smooth drop the same at previous times recently is super unlikely/foolish to follow. So it is more reasonable to assume BTC is going to have a sudden show of strength to clear the shorts that have built from the 24/25k peak, which was slow and obvious so we should expect that price area to be targeted in a swift pump. Indicators are also showing a strong chance of an upward pump forming.
Time wise we have 4/5days before the FED meeting which is the next big volatile day to watch for, as in previous times the market builds into those moments before being ripped down... 100points is more than likely IMO so i expect a sharp drop if that is to be seen.
All in all, the % likely hood for a pump upward is something like 80/20 in favour of surprising the bears.
Thats not to say price cant touch 19200 or so but it does not need to.
First we want to pump to take 20800 with ease and approach 21800 before a slight pullback, if it is rejected at 20800 we should raise SL's in the event.
Goodluck,
Asset mastery.
Just a brief follow up chart from earlier today.
1) CPI was negated by the Uk/other countries figures being as expected not worse, hope remains in the fools mind that inflation is over.
It is popular belief that inflation is going to be smoothly reducing (unlikely) AND the MM are going to play on these expectations the most in current times.
2) right now we have 2 options, pump to 22-25k supply area or dump back to 17k BUT the likely hood we are about to see another smooth drop the same at previous times recently is super unlikely/foolish to follow. So it is more reasonable to assume BTC is going to have a sudden show of strength to clear the shorts that have built from the 24/25k peak, which was slow and obvious so we should expect that price area to be targeted in a swift pump. Indicators are also showing a strong chance of an upward pump forming.
Time wise we have 4/5days before the FED meeting which is the next big volatile day to watch for, as in previous times the market builds into those moments before being ripped down... 100points is more than likely IMO so i expect a sharp drop if that is to be seen.
All in all, the % likely hood for a pump upward is something like 80/20 in favour of surprising the bears.
Thats not to say price cant touch 19200 or so but it does not need to.
First we want to pump to take 20800 with ease and approach 21800 before a slight pullback, if it is rejected at 20800 we should raise SL's in the event.
Goodluck,
Asset mastery.
