Bitcoin’s On A Knifes Edge BUT There May Be One Last Squeeze Today!
YouTube31 min 27 sec
Note: AI-generated summary based on third-party content. Not financial advice. Read more.
Quick Insights
Hold off on taking a directional position in Bitcoin (BTC) until you see how the market reacts to the upcoming CPI inflation data. Exercise caution with the Dow Jones Industrial Average and avoid chasing current highs, waiting instead for a pullback to the 52,700 support area. Look for bullish candle structures to form around that Dow Jones support zone before entering a long trade with a tight stop-loss. Investors looking at SK Hynix can scale into the stock at current levels using a tight stop-loss below recent lows to capture a sizable relief move. If you are already holding SK Hynix at a profit, maintain your position while taking steps to remove risk as the upward trend continues.
Detailed Analysis
Bitcoin (BTC)
- Bitcoin is experiencing brutal price compression and sitting on a knife's edge across all major timeframes, with upcoming CPI inflation data acting as a potential catalyst for the next major move.
- The overall sentiment remains flat as the market waits for a definitive breakout direction.
Takeaways
- Wait for the release of the CPI inflation data and monitor how the market reacts before taking a directional position.
- Watch for potential fake-out moves where an initial pump or dump is fully retraced a few hours later.
Dow Jones Industrial Average
- The US indices are grinding upwards with higher highs and higher lows, moving into price discovery.
- Rising 10-year and 30-year bond yields suggest investors should exercise some caution regarding long positions.
- The proposed trade setup looks for a pullback and retest around the golden pocket / 52,700-ish zone, which is confluent with the 200 EMA and horizontal breakout area.
Takeaways
- Avoid chasing the current upward move directly; wait for a retracement to the 52,700 area of interest.
- Look for new bullish candle structures to form around the support zone before entering a long trade to maintain a sensible risk-to-reward ratio and tighter stop losses.
SK Hynix
- SK Hynix is a major component of the Kospi (South Korean stock market) and is showing a potential bump-and-run pattern following a breakout of a downsloping trend line.
- The asset is positioned for a sizable relief move, with potential targets tied to the broader Kospi recovery.
- Trading platform mentioned: TX Flow (promoted with code TXDUPES for a 5% fee discount and airdrop accelerator bonus).
Takeaways
- For investors who missed the initial entry, scaling into a trade at current levels with a tight stop-loss below recent lows is a viable option.
- Existing holders already in profit from previous entries can hold their positions and look to remove risk as the trend continues upwards.
Ask about this postAnswers are grounded in this post's content.
Video Description
In today’s video, Kyledoops outlines the importance of price action being at a very pivotal point whilst there is always a high impact CPI inflation read today. Join live to find out why he is suggesting one last squeeze, and where that squeeze could have price go to next.
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