Bitcoin Near Breakout – CPI Miss Could Be the Catalyst?

7 天前

Just Released: Key U.S. Inflation Data:

Core CPI m/m: 0.1% (vs. 0.3% forecast)

CPI m/m: 0.1% (vs. 0.2% forecast)

CPI y/y: 2.4% (vs. 2.5% forecast)

Market Reaction & Outlook:

The softer-than-expected inflation figures suggest easing price pressures in the U.S. economy — a potential bullish signal for risk assets, such as Bitcoin(BTCUSDT).
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Now let's take a look at the Bitcoin chart on the 1-hour time frame.

Bitcoin is trading in the upper part of a Heavy Resistance zone($104,380-$103,670) and is trying to break through this zone. The announcement of US indexes could be a trigger for a breakout of this zone.

In terms of Elliott Wave theory, Bitcoin appears to be completing microwave 4 of the main wave 3. The structure of microwave 4 is a Double Three Correction(WXY).

I expect Bitcoin to start rising from the Potential Reversal Zone(PRZ)[$108,680-$107,840]and near the Support line again and rise to at least $110,670 and if the Heavy Resistance zone($104,380-$103,670) is broken we should expect new ATHs in the coming days.

• Cumulative Long Liquidation Leverage: $108,791-$107,887
  
  
• Cumulative Long Liquidation Leverage: $106,840-$105,457
  
  
• Cumulative Short Liquidation Leverage: $111,381-$110,568
  

Note: If Bitcoin falls below $105,700(Worst Stop Loss(SL)), we should expect further declines.

If you want to know my weekly analysis about BTC, I suggest you check out the following idea:

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Bitcoin Analyze (BTCUSDT), 1-hour time frame.

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7 天前

註釋

Short Position = Target Done