BTC - Showing some weakness
My original thesis of BTC getting rejected at the bottom of our parallel channel (old support flipped into new resistance) around 22.6-22.8k was wrong. Since we had such a major move back inside of our channel we are now fighting with the heartline of our parallel channel. This is important since we cannot get any candles closes above $24,500. I wanted to bring this update as we had a very quick move up to 24.9k before being swiftly rejected. To me this seems to be a short liquidation hunt for liquidity before price falls down.
I am still bearish at the point as a lot of the trend is overbought. I am happy to change this thesis and switch to a bullish narrative as soon as BTC starts closing candles above $25,200. With CPI coming out tomorrow we should be in for some volatility. My guess is CPI comes in at 6.1% or higher showing it is worse than expected since the good news seems to be priced in already. There are other accounts to take into consideration such as major banks collapsing, but for now I would want to be on the short side until we break 25.2k.
I am still bearish at the point as a lot of the trend is overbought. I am happy to change this thesis and switch to a bullish narrative as soon as BTC starts closing candles above $25,200. With CPI coming out tomorrow we should be in for some volatility. My guess is CPI comes in at 6.1% or higher showing it is worse than expected since the good news seems to be priced in already. There are other accounts to take into consideration such as major banks collapsing, but for now I would want to be on the short side until we break 25.2k.
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