Bitcoin

BTC - Testing the Upside in the Lower Value Range

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Bitcoin's gap towards $28k remains our greatest challenge of the past month, with 3 rejections now.

On the other hand, the support is rising and we remain over the 200w MA.

If we retrace, I'm looking at $21k. If we breakout I'm looking to rally towards an eventual $28k test.

This week's Consumer Price Index (CPI) inflation reporting may inject some short term volatility either way but I don't expect it to significantly sink price unless the numbers come in far higher than the worst estimates. Most investors already expect a 75bp rate hike in September by the US Fed, which assumes no surprises.

An unexpectedly high CPI report would introduce uncertainty and the possibility of a higher hike, which isn't necessarily priced into the markets yet.

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