As noted yesterday, if we drop below $41.3k I was looking at supports around mid $39.5k. We did log a bounce there and with the trading day coming to a close I hope we’ll see less volatility going into tomorrow.. more downside can’t be ruled out but like I said – $40k range has a lot of support too.

But honestly the next step largely depends on the government reporting of the Consumer Price Index ( CPI ). Reminder that this comes out at 1230pm UTC tomorrow (Tuesday).

US traders will be at a disadvantage due to the timing – if you are in a trade now, make sure to set a stoploss.