Going into this week, we have a lot of earning reports and more importantly - Tuesday the Consumer Price Index (CPI) will be released, reporting on the state of inflation. It might be accompanied by language from the US Government that either spooks investors or lifts the markets.. but like any big news event, there is increased volatility and potential selloffs preceding it.
I suggest strict risk management this week, at least until the CPI concludes. And then monitoring of earning reports will be key, especially for banks - this includes some very big players like JP Morgan on Tuesday and Goldman Sachs, PNC and Morgan Stanley on Thursday.
Schedule for this Week:
Tuesday: CPI report at 0830am EST/1230pm UTC
Wednesday: Blackrock, JP Morgan
Thursday: Goldman Sachs, Morgan Stanley, PNC, Wells Fargo, US Bancorp
All of that said, I still think the narrative is that we have a move to the upside cooking on higher timeframes, but that doesn't mean we can't see more downside first. In fact I'd be surprised if we didn't range with a bit of a bearish bias through the week. Note that a lot of markets are closed on Friday for a holiday.
Levels to watch:
-Local supports at
42K, $40.9k, $41.3 (support for daily, could wick lower), and more bearish targets if we close under $41.3k.. starting around $39.4k. To maintain a higher low in the macro, we need to remain over $34.5k, preferably much higher.
-Resistance is thick before $50k, including the range between42K and $45k, and again around $47k. Bulls need to recover $50k to see major confidence re-enter crypto; and anything over $44k will recover the bull market supports with the 20/21w moving averages.
I suggest strict risk management this week, at least until the CPI concludes. And then monitoring of earning reports will be key, especially for banks - this includes some very big players like JP Morgan on Tuesday and Goldman Sachs, PNC and Morgan Stanley on Thursday.
Schedule for this Week:
Tuesday: CPI report at 0830am EST/1230pm UTC
Wednesday: Blackrock, JP Morgan
Thursday: Goldman Sachs, Morgan Stanley, PNC, Wells Fargo, US Bancorp
All of that said, I still think the narrative is that we have a move to the upside cooking on higher timeframes, but that doesn't mean we can't see more downside first. In fact I'd be surprised if we didn't range with a bit of a bearish bias through the week. Note that a lot of markets are closed on Friday for a holiday.
Levels to watch:
-Local supports at
42K, $40.9k, $41.3 (support for daily, could wick lower), and more bearish targets if we close under $41.3k.. starting around $39.4k. To maintain a higher low in the macro, we need to remain over $34.5k, preferably much higher. -Resistance is thick before $50k, including the range between
42K and $45k, and again around $47k. Bulls need to recover $50k to see major confidence re-enter crypto; and anything over $44k will recover the bull market supports with the 20/21w moving averages.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.