ðĨ Bitcoin Breaking Out Ahead Of CPI Inflation Data
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.
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.
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