Its CPI Day... Again.
The markets brace for the CPI report
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, GOLD, OIL, ES, and NQ as well as our favorite altcoins
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Sam Bankman-Fried charged with fraud over FTX collapse (The Block)
FTX filing alleges Bahamas authorities coordinated with Bankman-Fried (The Block)
Crypto Exchange Binance Introduces Payments Service for US Customers (CoinDesk)
Binance Withdrawals Surge as Concerns About Its Reserve Report Spook Traders (CoinDesk)
SEC Strikes Back in Grayscale Suit Over GBTC ETF Conversion (CoinDesk)
‘Thunder Attack’ Busts $1.7B Tether-fueled Money Laundering Ring (Blockworks)
New FTX CEO Says Exchange Commingled Assets in Congressional Testimony (Blockworks)
MakerDAO Relaunches 1% Fixed Yield for DAI Holders (Decrypt)
Canada to Prohibit Crypto Firms From Offering Leveraged Trading to Citizens (Decrypt)
Finally, the price starts moving! You can see this morning that the BTC price has moved considerably outside the bull flag we’ve been following. This has occured on the fifth day after BTC created two outside candles which looked to resolve to the upside. However, after that upthrust the market became nearly flat going sideways around $17k.. Well, through the night and early morning BTC started moving and managed to take out last week’s highs. This can be seen as a breakout of the bull flag but confirmation is still needed by today’s candle closing above $17400.
The CPI data comes out today and there is a fed announcement later this week about rate hikes. This means the week will likely be choppy and any bad news from these two events could stall out the current attempt at a recovery rally.
Key levels to watch this week are:
$17600 - The June 18th Low
$17800 - The 50 day moving average
$19700 - The 20 week moving average
If there is bearish price action watch for $17k for the first area of possible support and then of course the yearly low around $15.5k would be the obvious next target.
Possible Course of Action
Long here expecting a retest of the 50 day moving average
Short or get flat if there is bad CPI news
Do nothing wait for 50 day moving average to act as support or resistance
The Bulls’ Defense:
Bull Flag breakout
The Bears’ Prosecution:
Uncertainty in CPI/fed week
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal reviews two altcoins and what they are telling us about the crypto market.
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