Indicators Signals
The 100 SMA is above the 200 SMA on the 4-hour time frame so a bounce seems more likely spurring a surge in bearish momentum soon.
The Stochastic is on its way down, but is currently turning around, possibly indicating a return in buying pressure. RSI is also on middle ground, barely offering strong directional clues at the moment.
A break below the triangle support could lead to a drop towards the triangle lows near $430.
On the other hand, rally past the triangle resistance could lead to another test of the longer-term ceiling at $470.
Market Events
Data from the US economy came in mostly stronger than expected few days ago, keeping the dollar supported against bitcoin price. Headline CPI rose 0.4% versus the expected 0.3% gain while the core CPI posted the estimated 0.2% uptick. Industrial production beat expectations with a 0.7% increase.
However, testimonies from a number of Fed officials recently reflected optimism among some policymakers, keeping speculations of a June hike in play. Additional hawkish remarks in today’s release of the meeting minutes could add more fuel to the dollar’s climb, possibly leading to a downside triangle breakout for bitcoin price. Cautious comments, on the other hand, could lead to more dollar losses and an upside break for bitcoin.
The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only.
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