April 10:
Reminder: US CPI will release on april12, coming Wednesday.
Forecast is 5.2% inflation in coming CPI while in march it was 6%. So 5.2% or lower will be very bullish bt anything more will create panic among trader.
5.2 % is big expected target , but as last month we saw good drop in PPI, so it seems to achievable.
US futures are running side ways, US market will open after long holidays today.
Non Farm payroll data released on last friday which was excellent n reduce fear of recession. US index also adjust this update tonight trading session.
Bitcoin once again give weekly closing above $28000 and form 3 consecutive doji candle. It means bulls and bear both are not able to move price and any breakout above or below the range will be big. If CPI data come 5.2% or lower than we will see big jump and BTC will move $30k-$32k soon but if CPI data will come above 5.2% than it will creat short term panic and btc will retest $26600 and and $25000 quick session.
Conclusion: US data are routine job. Lot of data like jobs, retail sales, home sales, cpi, ppi, pce, fomc, fomc minutes coming each month n market react each data in short term.
Try to see big picture. Means FED increase interest rate 0% to 5% in last 1 year.. this is fastest jump in US history. And now soon they start pause interest rate and than start rate cut by late 2023 or first quarter of 2024 which will be good in long term.
Same time bitcoin halving in april 2024 which make BTC very bullish assets despite of short-term volatility.
Rest Do Your Own Analysis.
#crypto2023 #cpi #bitcoin #Nasdaq #Binance
