“In investing, what is comfortable is rarely profitable.” -Robert Arnott
BTC demonstrated a significant rally, indicating ongoing attempts to break through a substantial resistance barrier. The prevailing bullish sentiment suggests a potential move towards the $75k level, a key psychological milestone.
Despite encountering resistance, the overall bullish outlook for BTC remains intact. Short-term pullbacks are likely to find buying interest well above recent levels, reflecting strong underlying support. Once BTC overcomes the current selling pressure, it could target the $80k level. Despite the market's momentum, caution is warranted, considering the recent efforts to alleviate excessive speculation.
The upcoming week in the US economic calendar is marked by significant events, and we are particularly focused on the Core Consumer Price Index (CPI) figures and the minutes from the March Federal Reserve meeting. With the official inflation rate in America standing at 3.2%, expectations for a forecast increase to 3.4% in March could trigger market volatility as investors assess the implications for monetary policy and economic stability.
Additionally, the commencement of the Q1 2024 earnings season on Friday, starting with reports from leading banks, adds another layer of significance to the week's economic events, offering insights into corporate performance and overall economic health.
Figure 2: CPI Year-to-Year and S&P 500 Evolution.
BTC exhibits a bullish pattern on the daily chart, characterized by consistent higher lows and higher highs, signalling a robust uptrend. The recent surge surpassing potential resistance levels reflects significant buying interest among traders, indicating bullish momentum in the market...
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