Yesterday I made an analysis on BTC and the falling wedge pattern it was trading in. As of this morning, BTC has broken out of the fallen wedge and retested the top resistance as support ahead of the CPI data that will release in approx. 1 hour.
In my view, the risk is to the upside. Over the last couple of CPI data drops the actual inflation rate has been lower than forecasted, which led to a positive market shock.
Furthermore, Truflation is predicting a YoY inflation of 5.8%, which is much lower than the current forecast. If you don't know what Truflation is, look them up. They measure inflation data themselves and have been fairly accurate in predicting inflation as of late.
If we will see a YoY print lower than 6.2% we can expect a massive pump to occur. Targets from yesterday remain the same.
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Inflation decreased with less than expected. Not bad news, just not as good as was hoped. Let's see how the market responds.
Lord Fiery, any update on LUNC?, i also agree that we need to break the 22500 zone and then this will act as support, a nice support actually
FieryTrading
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@zentampico, LUNC will go up when BTC does. Have to say that LUNC's performance this year is rather lacking compared to most other cryptos, so don't expect much.
omotizi1025
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u are correct 22500 achieve
DeGRAM
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Thank you for sharing your analysis.
CryptoMonstersOfficial
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I think BTC is still consolidating, if there is no break of 22500 zone bulls will not control
ahmedfauzan13
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CPI now just lower 1% than before 65% to 64% hahaha what is conclusion
Gold-Tech
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Whether you're right or wrong, the price will show in the near future. But I agree with you.