BTC CPI 1H (Jan) 
2025-02-12
Category: None

CPI (YoY)- 

PREVIOUS: 2.9%
FORECAST: 2.9%
ACTUAL: ??

Consumer price index data release rolls around once again, this time the forecast is no change (0.0%) remaining at the same December 2024 level of 2.9%. It is important to note that after this data release there isn't any further news events of note until next month so BTC no planned interference from data releases.  

As we go into the data release volatility on the LTF is common and so maybe we'll see a break of this painful trend bitcoin has been stuck in since the sell-off event. With that in mind here are some entry ideas for longs and shorts:

Long: 

- The safest option/ highest probability would be a breakout from the bearish downtrend, a retest as new support and begin the move up back towards RANGE HIGH. 

- A sweep of the green bullish OB zone with a tag of the lower bearish trend line. A good R:R IMO with the first point of interest being the LOCAL RESISTANCE/ bearish trend high. 

Short:

- The bearish scenario would be a loss of the $91K support level that has held for the last 10 weeks in a row and is the daily range low. If price accepts under that level things could get ugly as there is no support until $85K. 