#BTC/USDT - Short term analysis
Yesterdays run up in price saw us break the 20 & 50 day moving averages as well as the upper trendline of a falling wedge formation (purple) which grew from a series of lower lows and lower highs in our 2 month long consolidation.
The break out was volume confirmed which is always a good trigger for a long with the pictured fib giving us a target of $31,105 and I've put a SL just under the swing low at 28.5K.
This is a logical play based on the technicals just be wary holding through the CPI release tomorrow. The forecast of an increase year on year to 3.3% could cause a shift in the odds of a rate pause in September. Although the last rate hike didn't impact BTC price negatively we could certainly see some much needed volatility which could shake out the position (or pump it!).
Let me know what you think.
The break out was volume confirmed which is always a good trigger for a long with the pictured fib giving us a target of $31,105 and I've put a SL just under the swing low at 28.5K.
This is a logical play based on the technicals just be wary holding through the CPI release tomorrow. The forecast of an increase year on year to 3.3% could cause a shift in the odds of a rate pause in September. Although the last rate hike didn't impact BTC price negatively we could certainly see some much needed volatility which could shake out the position (or pump it!).
Let me know what you think.
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