#BTC - Whats next? (inc. PPI trade plan)
Technicals
Chart looking alot healthier with that big red band of resistance between 56k and 57.5k now a green band of support (right chart).
We could rely on it later when the PPI drops (more below) but given that we just had an inflation print of 2.5% and an upcoming rate cut (Sept 18th) I think mid term we will be looking to reclaim 60k.
The moving averages prictured (green 20, white 50, pink 200)are the daily averages. Price clipping above the 20 is bullish, this may also act as price support. We need now to see the faster MA's (20 & 50) cross back above the 200 to confirm our technical uptrend.
Next significant resistance is at 59.7k, so I think that is our target before the weekend.
The pitchfork (the coloured channels overlayed on the left chart) gives us a range around a median price based on a local range (low to a high back to a low) with a couple of standard deviations either side.
The macros (rate cut, lowered inflation) will probably confirm an upcoming uptrend. Currently we are approaching the 0.5 standard deviation, you can see that price often respect the levels and we would usually expect price to find the median, which here would be a trip up to the early 60k's.
Macro
13:30 (GMT) see's the release of the PPI (Producer Price Index) which is the measure of supply side inflation.
It's important as this bleeds into consumer inflation.
PPI
Forecast = 0.1% Priced in
<0.1% Bullish
>0.1% Bearish
Not likely to be massively impactful or create huge volatility but definitely capable of impacting price.
Chart looking alot healthier with that big red band of resistance between 56k and 57.5k now a green band of support (right chart).
We could rely on it later when the PPI drops (more below) but given that we just had an inflation print of 2.5% and an upcoming rate cut (Sept 18th) I think mid term we will be looking to reclaim 60k.
The moving averages prictured (green 20, white 50, pink 200)are the daily averages. Price clipping above the 20 is bullish, this may also act as price support. We need now to see the faster MA's (20 & 50) cross back above the 200 to confirm our technical uptrend.
Next significant resistance is at 59.7k, so I think that is our target before the weekend.
The pitchfork (the coloured channels overlayed on the left chart) gives us a range around a median price based on a local range (low to a high back to a low) with a couple of standard deviations either side.
The macros (rate cut, lowered inflation) will probably confirm an upcoming uptrend. Currently we are approaching the 0.5 standard deviation, you can see that price often respect the levels and we would usually expect price to find the median, which here would be a trip up to the early 60k's.
Macro
13:30 (GMT) see's the release of the PPI (Producer Price Index) which is the measure of supply side inflation.
It's important as this bleeds into consumer inflation.
PPI
Forecast = 0.1% Priced in
<0.1% Bullish
>0.1% Bearish
Not likely to be massively impactful or create huge volatility but definitely capable of impacting price.
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