Short

Bitcoin — Still Heading Toward 57k?

Yesterday was quite a volatile day for Bitcoin and the entire crypto market. Bitcoin pumped and dumped ~5% in just a few hours.

However, despite the volatility, Bitcoin couldn't manage to gain substantial upward momentum. Tomorrow, the latest U.S. Consumer Price Index (CPI) will be released. The numbers have a high impact on potential rate cuts.

Therefore, I don't expect substantial upside momentum before the announcement. Based on recent performance, I expect Bitcoin and the market to go slightly lower.

Trade Update - Dynamic Reversal Band:

As mentioned yesterday, I am currently developing a new trade strategy called Dynamic Reversal Band. It's a blend of Bollinger Bands, Stochastic RSI, EMA, and ADX. The strategy flashed an entry on Friday. Based on backtests, I opened a short trade with a 6.5% profit target and 2.5% stop loss. The trade is still ongoing.

ben_walther

I'm Ben. Crypto lover, trader, and coder.

Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com

🔥 For exclusive content: newsletter.bencrypto23.com/exclusive

Also on:

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.

ben_walther

Also on: