Yesterday’s CPI came in as I expected.
After the CPI data came out, expectations shifted to a 50-basis-point rate hike in December.
Honestly, I don’t think they can raise rates by 50 basis points.
The previous CPI reading was 0.6.
The forecast was 0.3.
The actual figure came in at 0.4.
It simply came in below expectations.
Yesterday, Bitcoin retested the Fibonacci golden 0.618 level I’ve been talking about.
As long as there isn’t a confirmed breakdown here, this is just a normal pullback within a bullish trend.
Bull markets generally retest the Fibonacci 0.786 or 0.618 levels during periodic corrections.
It has now pulled back to 0.618.
And looking at the daily chart, this entire downward move has been a gradual decline with plenty of back-and-forth movement.
Slow declines, sharp rallies.
Once this correction is over, the rally is expected to be very fast.
The Fibonacci 0.618 level won’t break.
The correction is just about done.
The rally is about to begin, just before dawn.
Something big is coming.
The higher-timeframe MA23 and MA62 have formed a golden cross.
The bull market is back.
The higher timeframes don’t lie.$BTC