11.10 Huan-jie's Bitcoin strategy: Has it bottomed out? Tonight's CPI could be the turning point
Tonight at 21:30, the US October CPI report is the key. The market expects month-over-month headline CPI of 0.3% and core CPI of 0.2%, both down from September. But year-over-year figures are unavailable because of last year's government shutdown, so we can only look at monthly figures and component data. If the data comes in cool, Bitcoin could have a chance to surge to 77,000–79,000. But if it runs hotter than expected, it could briefly dip to 73,600 again. Some of the bad news is already priced in, though, and in my view the bears are more likely to get trapped.
Bitcoin is hovering around 74,000. It plunged to a low of 73,300 last night, flushing out most panic sellers and highly leveraged longs. The Fear and Greed Index is at 32, in the fear zone. Historically, this kind of level often marks a short-term bottom.
Today, I'll look to go long if Bitcoin retests the area around 74,000. First target is 77,500; if it breaks through, the next target is 79,000. Don't take on too large a position before the data comes out, and make sure to set your stop-loss.
#CPI前瞻，12月利率走向迎关键考验 $BTC $ETH $SOL
Tonight at 21:30, the US October CPI report is the key. The market expects month-over-month headline CPI of 0.3% and core CPI of 0.2%, both down from September. But year-over-year figures are unavailable because of last year's government shutdown, so we can only look at monthly figures and component data. If the data comes in cool, Bitcoin could have a chance to surge to 77,000–79,000. But if it runs hotter than expected, it could briefly dip to 73,600 again. Some of the bad news is already priced in, though, and in my view the bears are more likely to get trapped.
Bitcoin is hovering around 74,000. It plunged to a low of 73,300 last night, flushing out most panic sellers and highly leveraged longs. The Fear and Greed Index is at 32, in the fear zone. Historically, this kind of level often marks a short-term bottom.
Today, I'll look to go long if Bitcoin retests the area around 74,000. First target is 77,500; if it breaks through, the next target is 79,000. Don't take on too large a position before the data comes out, and make sure to set your stop-loss.
#CPI前瞻，12月利率走向迎关键考验 $BTC $ETH $SOL
