Bitcoin Trend Analytics August 11 - pumped by a good figure
CPI was much lower than expected, which fueled a strong bull run for all markets except the USDX. BTC bounced from the short-term support and gathered the strength to challenge the resistance above.
According to the strength of the triangle, the resistance today diverts to $24860.73-$24597.35. This resistance has become weak and easily broken.
Short-term bullish support arrived at $22775.99, which was broken yesterday and then flipped and diverted to $22977.50.
Breakout on the triangle resistance at 24k will open up more space above.
The drop in CPI has triggered a positive expectation of slowing the pace of interest rate hikes, however, the decision is not revealed yet. We should wait for the Fed’s final decision around Sep 21-22.
According to the strength of the triangle, the resistance today diverts to $24860.73-$24597.35. This resistance has become weak and easily broken.
Short-term bullish support arrived at $22775.99, which was broken yesterday and then flipped and diverted to $22977.50.
Breakout on the triangle resistance at 24k will open up more space above.
The drop in CPI has triggered a positive expectation of slowing the pace of interest rate hikes, however, the decision is not revealed yet. We should wait for the Fed’s final decision around Sep 21-22.