BTCUSD squeeze initiated
Updated
BTCUSD on short timeframes is entering a squeeze. Add to this a potential elliott wave triangle correction and it should be a recipe for another push to take us beyond 90k. I am skeptical but it's possible.
Two issues though:
1. @0830 inflation figures will be released, we can only hope inflation figures are positive and meet targets otherwise we'll see massive downside pressure which i seldom think can be beaten.
2. three times the market has tried to break 90k - now while i believe it was simply matter of needing to consolidate at a new support, there is always the possibility a bearish turn after a squeeze release.
to conclude - probs gonna make a new push but inflation figures could stop it in it's tracks
Two issues though:
1. @0830 inflation figures will be released, we can only hope inflation figures are positive and meet targets otherwise we'll see massive downside pressure which i seldom think can be beaten.
2. three times the market has tried to break 90k - now while i believe it was simply matter of needing to consolidate at a new support, there is always the possibility a bearish turn after a squeeze release.
to conclude - probs gonna make a new push but inflation figures could stop it in it's tracks
Trade active
all of this considered, now is not the time for long term buy-ins. its for short term swing trades. we're nearing a potential limit seen as a curve that relates previous all-time-highs from BTC's creation. I doubt the general bullish direction of BTC can last much longer
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