It’s starting to drop! Bitcoin breaks 77,000, is there a huge turnaround tonight? When can you start to buy the dip? Come take a look now.
1. First, let’s talk about Bitcoin—it's starting to pull back! The daily chart has a bearish crossover, and momentum is weakening. If there isn’t additional positive news to spur it, it has a chance to retrace to around 76,000 in the next one to two weeks before it tests support again. But in the short term, there may be a turnaround tonight and tomorrow night!
2. You should know that the reason for the selloff right now is mainly concern about inflation. However, at 8:30 tonight, there will be an important inflation data release—that is PPI! The market currently expects inflation to jump significantly. But if the actual result comes in below expectations, the crypto market is likely to rebound slightly.
3. Actually, PPI is just a warm-up. Tomorrow, investors will care more about CPI inflation data! Shu Qin personally thinks it may not necessarily be a negative for the market, because the surge in oil prices is a September story. And the data released on Friday is based on August. Back in August, oil prices weren’t that high yet—so there may be room for a turnaround.
4. So the current market is pretty clear: if there’s a decent rebound these days, then if you didn’t manage to exit at the top earlier, remember to exit at the top now. If there are good high points, you can also consider setting up some short positions. After the crypto bill decision on Tuesday next week, it’s very likely to pull back a bit.
5. As for Shu Qin—he told everyone to exit at the top a week earlier. As shown in the picture, when the post was shared yesterday, Bitcoin was still at 80,000. And over this week, SOL and CRCL have both pulled back nearly 10%. If it drops a bit more, I might start looking to buy some. Be patient, operate steadily, and slowly work toward the bigger main surge—that’s still coming by the end of the year!
1. First, let’s talk about Bitcoin—it's starting to pull back! The daily chart has a bearish crossover, and momentum is weakening. If there isn’t additional positive news to spur it, it has a chance to retrace to around 76,000 in the next one to two weeks before it tests support again. But in the short term, there may be a turnaround tonight and tomorrow night!
2. You should know that the reason for the selloff right now is mainly concern about inflation. However, at 8:30 tonight, there will be an important inflation data release—that is PPI! The market currently expects inflation to jump significantly. But if the actual result comes in below expectations, the crypto market is likely to rebound slightly.
3. Actually, PPI is just a warm-up. Tomorrow, investors will care more about CPI inflation data! Shu Qin personally thinks it may not necessarily be a negative for the market, because the surge in oil prices is a September story. And the data released on Friday is based on August. Back in August, oil prices weren’t that high yet—so there may be room for a turnaround.
4. So the current market is pretty clear: if there’s a decent rebound these days, then if you didn’t manage to exit at the top earlier, remember to exit at the top now. If there are good high points, you can also consider setting up some short positions. After the crypto bill decision on Tuesday next week, it’s very likely to pull back a bit.
5. As for Shu Qin—he told everyone to exit at the top a week earlier. As shown in the picture, when the post was shared yesterday, Bitcoin was still at 80,000. And over this week, SOL and CRCL have both pulled back nearly 10%. If it drops a bit more, I might start looking to buy some. Be patient, operate steadily, and slowly work toward the bigger main surge—that’s still coming by the end of the year!
