$BTC Things are getting even worse.
This is the kind of market action I think we should be panicking about—not a slow grind down to 57000. PPI came in massively off expectations, and the odds of an interest rate hike have risen further.
---For today's 80200 long entered near the lows, I recommend reducing the position at breakeven.
---After breaking below 80000, there are quite a few minor support levels, but there's only one major support level: 75300.
---The resistance level to watch in the short term is 81900. It has held us down all day; we've tested the demand zone several times but still haven't been able to reclaim it. That's extremely weak.
This is the kind of market action I think we should be panicking about—not a slow grind down to 57000. PPI came in massively off expectations, and the odds of an interest rate hike have risen further.
---For today's 80200 long entered near the lows, I recommend reducing the position at breakeven.
---After breaking below 80000, there are quite a few minor support levels, but there's only one major support level: 75300.
---The resistance level to watch in the short term is 81900. It has held us down all day; we've tested the demand zone several times but still haven't been able to reclaim it. That's extremely weak.