BTC - CPI as expected

Mar 14, 2023

Today CPI came out as expected. This was against my original thesis as I thought it might come in at 6.1% or higher due to the oversold nature of the trend.

Now we can see a few key things. The first thing to note we are currently above our extremely key level of 25.2k. Right now BTC is fighting with the top of our parallel channel . If we are able to break above and start closing candles above then we could see a rally into the $28-30k region. If this occurs then it could dictate the BTC lows are set in stone and the bull run is about to begin. Personally, I will wait for these confirmations as the trend in the short term is really overbought, but longer term this could be a great sign for the crypto markets. Happy trading!!