Good day dear friends, sorry for the brief absence, I was on a short vacation, I hope everything was good with you these days. Due to a large number of events, this post will be a bit longer.
Now about the market, what catches the eye... Yesterday, the reason for the sharp decline in Bitcoin was a strange event. The reason was another fake announcement that BlackRock applied for an XRP ETF. This was followed by a strong increase in Ripple, and accordingly, thanks to the outflow from Bitcoin. Later this news was debunked, Bitcoin recovered a little bit, but most traders did not rush to return to Bitcoin and the bulls failed to return to their original position.
If we disregard this event, we will see that the price was stuck around the level of 37,000 these past few days, indicating that without any fundamental events, the market was not very inclined to correct, one might even say, it was not planning to correct, which suggests the continuation of the bulls' dominance.
Today, in 1 hour and 30 minutes, CPI data will be released. Based on the above, I expect strong movements because if the data is favorable, the bulls will be able to quickly jump back into their long positions, but if there is negative news, the bears will continue the correction more boldly. The bulls' target is currently 39,200, and the bears' resistance is at 34,700. At the moment, I am more inclined to continue the bullish scenario, unless the news interferes.
