Buying Bitcoin BTC As Support Again
Bitcoin dived to the support zone above $18,000 yesterday where we decided to open a buy BTC signal and after that it bounced back up
Yesterday we saw a strange move in the USD and risk assets after the US CPi inflation report. Initially, the USD surged more than 100 pips as you’d expect, and risk assets fell. But then a sudden reversal followed which sent risk assets surging higher for several hours. The numbers were hot on headline and core and the market reaction was accordingly.
There was some talk about Russian negotiations which might have offered some relief to buyers and Timiraos from the WSJ kept the 75 bps hike scenario in the next FED meeting as the baseline. Some economists also dug into shelter inflation and made the case that it’s so laggy to be immaterial to the current outlook, especially with house prices now falling.
Bitcoin H4 Chart – Bouncing Off the Support Zone
Despite that, you still don’t have nearly enough to explain the reason for the 5% reversal in risk assets and the total bearish reversal in the dollar. This could have been a short squeeze, but it was enough to get us a good trade in Bitcoin. BTC/USD fell below $19,000 and approached $18,000, which is a good support zone stretching up to $18,500. We decided to open a buy BTc signal near the bottom and are more than $1,000 in profit after the bullish reversal. Although we will follow the price action and see how cryptocurrencies and the USD will behave today.
Bitcoin BTC Live Chart
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