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#BTC down slide Are you Ready for a DIP đ
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Here's the real thing
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$BTC All technical analysts write Double sided Predictions and we all know it an universal Truth everything goes two ways up and down đ€Łđ€Łđ€Ł So don't be fooled by these so called analysts . Do your own way . I am Just Bearish â đŻ
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Bitcoin â 58k Remains The Barrier! Bitcoin made another attempt to break through the 58k barrier yesterday. However, the attempt wasn't fueled by strong volume and was easily fent off by the bears. Yesterday's price action supports my thesis of another dump toward the CME gap at 54k and the channel's bottom before the price goes higher. The volume does not support massive bullish momentum at this point. Currently, 56.5k acts as a support level, but I don't think it'll last much longer. The only thing that could invalidate my scenario is a surprise in the inflation data. Unfortunately, the chances are relatively low since the inflation forecasts have been pretty accurate lately. From a long-term perspective, nothing has changed. I added a path that illustrates my expected scenario. Summarized: We will go lower during the next few days before we start pumping into October. Today's CPI Report. Upside Potential: If the CPI comes in below 2.6%, we could see a market surge, increasing the likelihood of a 50 basis point rate reduction. Downside Risk: A CPI figure above 2.6% may trigger a sell-off, as expectations shift toward a smaller 25 basis point rate cut. Neutral Territory: Should the CPI align with forecasts at 2.6%, expect heightened volatility and quick market reactions. Remember, CPI releases often lead to sharp market moves. Stay informed, assess your risks carefully, and trade with caution.
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Downtrend
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