BTC - Playing CPI
Hello everyone. Based on our previous posts - we pointed out how CPI could be the pivot point for this uptrend and so far we are starting to see that retracement.
CPI came out at 5.0 actual based on a 5.1 Forecast and a 6.0 previous. This is a really good thing, but as we have been pointing out it is based on last months data thus could already be priced in. Because of the good print we got a flush to the upside from 30k up to our key 30.5k level. This is where we saw our triple top come in after failing to push above the last high. This most likely gave the bears the liquidity from this bull trap to push things lower.
Here we are looking at the 6H chart. This is important as we saw a doji print (Has marked the top so far) and saw trend exhaustion on our RSI. We have also seen a triple top in the liquidity range between $30.4-30.6k. This is in confluence with our black resistance trendline. If this breakdown is to continue, your first target would be around $29.1-29.2k. Your main target would be around the last low
28-28.2k (would fill the gap on CME). If we close at least a daily candle below the 28k zone then we would look for a target around our 1.618. If price falls this would be a very healthy retracement. Happy trading!
CPI came out at 5.0 actual based on a 5.1 Forecast and a 6.0 previous. This is a really good thing, but as we have been pointing out it is based on last months data thus could already be priced in. Because of the good print we got a flush to the upside from 30k up to our key 30.5k level. This is where we saw our triple top come in after failing to push above the last high. This most likely gave the bears the liquidity from this bull trap to push things lower.
Here we are looking at the 6H chart. This is important as we saw a doji print (Has marked the top so far) and saw trend exhaustion on our RSI. We have also seen a triple top in the liquidity range between $30.4-30.6k. This is in confluence with our black resistance trendline. If this breakdown is to continue, your first target would be around $29.1-29.2k. Your main target would be around the last low
28-28.2k (would fill the gap on CME). If we close at least a daily candle below the 28k zone then we would look for a target around our 1.618. If price falls this would be a very healthy retracement. Happy trading! 
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