CPI drops tonight. $BTC got shoved below 82K yesterday, then bounced back—is this a shakeout or a bull trap? 😳
Let’s review the call. Yesterday I said we’d range between 82.4K and 84.4K, but I missed the low: it wicked just above 81K, and 82.4K didn’t hold. I got that wrong. But it didn’t reach 84.4K either; it topped at 84.3K and turned back. Now it’s around 83.5K, up 0.9% over 24 hours.
On the chart, 81K is the newly tested floor for this move, and the red line at 84.4K is resistance. ETFs saw net outflows of $680M last week—the biggest since late June—and another $65M flowed out on Monday. Once CPI drops tonight, either direction could see a wick. I’m not chasing; I’ll wait for the data.
$ETH has it worse: currently at 2,520, down 0.5% over 24 hours. Yesterday it hit a low of 2,409, got rejected from a high of 2,580, and has been testing 2,500 back and forth. ETH ETFs saw another $85M in outflows on Monday, making it over a week of consecutive outflows. The total last week was $540M. On the chart, 2,410 is the floor and 2,580 is resistance. If it doesn’t get above 2,580, I won’t call it a rebound.
ETH/BTC is at 0.0302, down 1.3% over 24 hours. ETH is clearly weaker than BTC.
Here’s where I stand: before the data, every ETH bounce is an opportunity for the bears to add to their positions. If BTC holds above 81K, then I’d dare say it could get back above 84K. Would you dare buy the ETH dip before CPI?
⚠️Just my rambling; not investment advice.
#BTC #ETH
$BTC $ETH
Let’s review the call. Yesterday I said we’d range between 82.4K and 84.4K, but I missed the low: it wicked just above 81K, and 82.4K didn’t hold. I got that wrong. But it didn’t reach 84.4K either; it topped at 84.3K and turned back. Now it’s around 83.5K, up 0.9% over 24 hours.
On the chart, 81K is the newly tested floor for this move, and the red line at 84.4K is resistance. ETFs saw net outflows of $680M last week—the biggest since late June—and another $65M flowed out on Monday. Once CPI drops tonight, either direction could see a wick. I’m not chasing; I’ll wait for the data.
$ETH has it worse: currently at 2,520, down 0.5% over 24 hours. Yesterday it hit a low of 2,409, got rejected from a high of 2,580, and has been testing 2,500 back and forth. ETH ETFs saw another $85M in outflows on Monday, making it over a week of consecutive outflows. The total last week was $540M. On the chart, 2,410 is the floor and 2,580 is resistance. If it doesn’t get above 2,580, I won’t call it a rebound.
ETH/BTC is at 0.0302, down 1.3% over 24 hours. ETH is clearly weaker than BTC.
Here’s where I stand: before the data, every ETH bounce is an opportunity for the bears to add to their positions. If BTC holds above 81K, then I’d dare say it could get back above 84K. Would you dare buy the ETH dip before CPI?
⚠️Just my rambling; not investment advice.
#BTC #ETH
$BTC $ETH