Tonight at 21:30, when the U.S. October CPI data comes out, things could get even more volatile around Bitcoin’s 74,400 level.
This report has only month-over-month figures, not year-over-year ones. The overall figure is forecast at 0.3 and core at 0.2, both lower than September. That sounds fairly mild, but even a slight upside surprise could make a December rate hike all but certain, and crypto prices would take an initial hit.
My take: Don’t go in heavily betting on a direction before the data. If 73,500 holds, you can keep your short position; if it breaks, get out and don’t look back. If a rebound reaches 75,500 but can’t hold, that’s also a point to reduce your position.
In short, tonight isn’t about guessing the direction correctly—it’s about not getting carried away during the most volatile few minutes.#BTC #ETH
This report has only month-over-month figures, not year-over-year ones. The overall figure is forecast at 0.3 and core at 0.2, both lower than September. That sounds fairly mild, but even a slight upside surprise could make a December rate hike all but certain, and crypto prices would take an initial hit.
My take: Don’t go in heavily betting on a direction before the data. If 73,500 holds, you can keep your short position; if it breaks, get out and don’t look back. If a rebound reaches 75,500 but can’t hold, that’s also a point to reduce your position.
In short, tonight isn’t about guessing the direction correctly—it’s about not getting carried away during the most volatile few minutes.#BTC #ETH