Bitcoin has ended up going sideways today as expected:

The price has lost a Key level (38300) which was the lower end of an ascending channel . This is now a HUGE resistance that most likely will take time to overcome and break back over (not to mention that the 40k is just above it..difficult right now).

Today the rejection at 32300 was eminent and we do expect the 30k mark being tested again (or twice most likely).

If that level is lost then the 28k is a huge support to have in mind for potentially life changing Buying orders (yes..exactly as you hear it).

CPI TOMORROW:

Inflation data will be released tomorrow and the number is expected to be HOT for the economy as years of loose policies, the pandemic and most recently Ukraine have added fuel to the fire (expensive fuel).
The rate hikes are meant to help the situation but that will take time.. and might even require a recession…
Bitcoin can shine because of it’s deflationary aspect; a well thought element that Satoshi added to the perfect mix; the Bitcoin code.

What to expect:

– a test of 30k until tomorrow
– a spike tomorrow during CPI data release
– a rejection at 32600 or 33800
– a few days or weeks of sideways movement between 28 and 38k (not a small range)

One Love,

the FXPROFESSOR