ðĨ Bitcoin Selling-Off After CPI Data: Bear Trend Resumed?
Earlier today we had the US CPI (inflation) data release. The reported inflation was 8.6% instead of the expected 8.3%, which caused the major sell-off in crypto and stocks.
For now, BTC seemed to have found support on the bottom dotted trend line. In my view, we're going to fall through it in the next few hours/days. In case of a bearish break, my target for next week is 28k.
On the other hand, there's still a small possibility for a reversal. I'd assume this is a minor possibility, but you never know with crypto. Wait for confirmation of the trend.
For now, BTC seemed to have found support on the bottom dotted trend line. In my view, we're going to fall through it in the next few hours/days. In case of a bearish break, my target for next week is 28k.
On the other hand, there's still a small possibility for a reversal. I'd assume this is a minor possibility, but you never know with crypto. Wait for confirmation of the trend.
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