Bitcoin price, "FUD around BUSD", U.S. Economic Data This Week:

업데이트됨

The trading week started with a rather "active news background":

"Paxos (BUSD miner) will face a lawsuit from the SEC in connection with the issuance of unregistered securities (stablecoins).
With a total capitalization of 16B, BUSD is the 3rd largest stablecoin, with 90% of the stablecoin concentrated on Binance.
BUSD also accounts for 21% of all customer reserves on Binance.
The issuance of new BUSD has been suspended, and exchange for fiat dollars is still possible."
"Such a "regulatory raid" on Binance's partner may be a retaliatory operation by the US authorities to try to destroy the business of the offshore exchange Binance, after CZ became the starting point of the FTX fraud disclosure in November 2022 and refused to cooperate with USDC."

At the moment, it looks like another batch of FUDs "to bring" the market down to the desired levels. Securities are bought with the aim of making a profit from the asset's appreciation in the future, and the essence of stablecoins is a stable exchange rate, a stable trading deposit, without profit. The US dollar is not considered a security, right?)

In recent months, the cryptocurrency market has been strongly correlated with the SP500, which is directly dependent on US macroeconomic indicators.
U.S. Economic Data This Week:
- CPI Inflation (Tues.) 🔥.
- Retail Sales (Wed.)
- Ny Fed Manufacturing Index (Wed.)
- PPI Inflation (Thurs.)
- Philly Fed Manufacturing Index (Thurs.)
- Jobless Claims (Thurs.)
- Housing Starts (Thurs.)

We are most interested in the new inflation rate that will be announced tomorrow, Tuesday, February 14, 2013. After all, it's one of the main indicators that the FED wants to take control of and talks about at every speech is inflation at 2%.

Last month, the inflation rate dropped to a projected 6.5% and the cryptocurrency market exploded with growth on 12/01/2023.

Our expectations for tomorrow, 14.02.2023:
- inflation at 6.2 percent or more - falling prices on the crypto market
- lower-than-expected inflation < 6.2% may cause smooth growth.

Anyway, the crypto market has been growing very well for more than a month. Against the background of the previous downtrend for more than a year, the growth in January can be called phenomenal.
Personally, we do not have enough price correction to continue the growth.

There are two fractals on the chart:
1. We published the white one last week, and it is now working well and indicates that a drop to the liquidity zone of $18900-20400 is possible. For us, this is currently the main scenario, and it is in this liquid zone that we plan to buy long positions.
2. The blue scenario is in case super-positive CPI figures are announced tomorrow. Accordingly, the buy zone for long positions will be $21200-22300.

Which trading scenario for the coming week is more to your liking? Share your thoughts in the comments below the idea

_____________________
Did you like our analysis? Leave a comment, like, and follow to get more

노트

⚡️ US CPI: 6.4% (forecast 6.2%, previous value 6.5%)
The fact is worse than expected.
They are the probability of downward price movements on crypto market