Technical Analysis Tuesday is back!
First thing first,
I hope you read last week’s Technical Analysis,
if you did,
Last weekend’s blood bath wouldn’t have snuck up on you.
To better prepare you for what is to come,
Let us talk about what follows…
BITCOIN
As we stated exactly here last week, BTC should retract and fill all of its unbalanced candles, CME Gap, and the most critical influence of the CPI statistics.
…And, once again, we were correct!
BTC fell almost 19% after the CPI data was released, breaking the critical sub-$19K support level.
It currently shows a slight recovery bounce of $1200-$1300 from the previous demand zone in lower $18K levels.
BTC should at the very least retest the $20100-$20400 level as marked on the chart.
Now, what’s next for Bitcoin?
Have we already seen the bear market bottom?
Keep reading with a 7-day free trial
Subscribe to Inspired Analyst to keep reading this post and get 7 days of free access to the full post archives.