$BTC Daily Commentary, September 7
Spot 24h: high 80452, low 79233, current price around 80367. Opened at 79811, dropped to 79233 last night and then slowly recovered; in the early Asian session it revisited 80k, but the high of 80452 did not hold.
Structurally, supply is still concentrated around the 80k area. Bitfinex True Market Mean is about 76350, and the upper acceptance level is seen at 82818; LMAX May high at 82820 has not been touched yet. This round reached 80452, but did not stabilize above 80k.
On events, Friday's nonfarm payrolls are already past; the next key release is CPI on September 11, followed by the FOMC on September 15–16; the market is pricing in roughly a 60% chance of a rate hike in September.
Intraday move: treat it as a rally and pullback. The setup is invalidated if it reclaims and holds above 80450; a break below 79200 opens the lower range.
My view: bearish in the short term. 80k is currently resistance, not support.
$BTC #Bitcoin
Spot 24h: high 80452, low 79233, current price around 80367. Opened at 79811, dropped to 79233 last night and then slowly recovered; in the early Asian session it revisited 80k, but the high of 80452 did not hold.
Structurally, supply is still concentrated around the 80k area. Bitfinex True Market Mean is about 76350, and the upper acceptance level is seen at 82818; LMAX May high at 82820 has not been touched yet. This round reached 80452, but did not stabilize above 80k.
On events, Friday's nonfarm payrolls are already past; the next key release is CPI on September 11, followed by the FOMC on September 15–16; the market is pricing in roughly a 60% chance of a rate hike in September.
Intraday move: treat it as a rally and pullback. The setup is invalidated if it reclaims and holds above 80450; a break below 79200 opens the lower range.
My view: bearish in the short term. 80k is currently resistance, not support.
$BTC #Bitcoin
