CPI Day: Bitcoin Is At A Major Breaking Point
CPI Day: Bitcoin Is At A Major Breaking Point
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Note: AI-generated summary based on third-party content. Not financial advice. Read more.
Quick Insights

Accumulate Bitcoin (BTC) gradually between $62,000 and $66,000, targeting $70,000 with a late-year objective of $80,000 to $90,000. Enter long positions on Hyperliquid (HYPE) only after a confirmed 4-hour close above $56, targeting $66. Establish initial spot positions in Ripple (XRP) near the $1.50 support zone, and scale in further upon a confirmed breakout above its major descending trendline. Buy Near Protocol (NEAR) spot between $1.63 and $1.66 with a strict stop-loss under $1.60, aiming for take-profit targets at $2.10 and $2.40. Wait for a confirmed 4-hour candle close above the descending wedge for Ondo (ONDO) before opening longs targeting $0.41 to $0.42.

Detailed Analysis

Bitcoin (BTC)

  • Bitcoin is currently hovering and consolidating in a tight range between $62,000 and $66,000, with approximately two months of accumulation building up.
  • The speaker is generally bullish, anticipating a move toward $70,000 and potentially reaching the $80,000 to $90,000 zone by the late end of the year (September to November), provided key resistance levels are broken.
  • Key support levels are identified at $61,500 and $60,000. A worst-case bearish scenario of dropping toward $40,000 would only come into play if the market sustains closes below $58,000.
  • The current strategy suggests laddering in with 30% to 40% of capital on current support levels, using stop-losses below recent lows, and adding to positions upon confirmation of daily closes outside the current trading range.

Takeaways

  • Consider building long-term bags gradually by taking partial entries at current support levels rather than chasing momentum during sudden pumps.
  • Watch for a break above $67,000 driven by macroeconomic catalysts (such as CPI) to trigger natural market momentum toward the $70,000 200-day moving average.

Solana (SOL)

  • Solana is showing strong relative strength, described as "ripping" and performing very well with ongoing accumulation.
  • Previous entry zones mentioned are $74 to $75.5.
  • The expected near-term price target is in the mid-$80s up to $100.

Takeaways

  • Solana is exhibiting leading strength among altcoins and remains a primary asset to watch for continued momentum.

Chainlink (LINK)

  • Chainlink is experiencing a breakout with a strong daily performance and is beginning to pick up further upside steam.

Takeaways

  • Look for continued continuation patterns as Chainlink participates in the broader altcoin strength.

Hyperliquid (HYPE)

  • The asset is forming a nice descending channel on the 4-hour time frame and is on the verge of breaking out.
  • The speaker is looking for a breakout above $56 to enter long positions.
  • The initial price target for this trade setup is $66.

Takeaways

  • Wait for a confirmed 4-hour close and break above $56 before entering long positions, allowing for slightly wider stop-losses to account for short-term volatility.

Ripple (XRP)

  • XRP is currently sitting below a major descending trendline and has not yet broken out, but is trading near potential accumulation entry zones around $1.50.

Takeaways

  • Use minor starter entries around $1.50 with the intention of adding to the position once a confirmed breakout above the major trendline occurs.

Dogecoin (DOGE)

  • Dogecoin recently closed outside of its previous downtrend, though it experienced some short-term volatility and shakeouts.
  • Spot entry zones are identified around $0.071 (7.1 cents), backed by stop-losses placed just under $0.069 (6.93 cents).

Takeaways

  • Accumulate spot positions near the $0.071 support area while maintaining strict risk management below the $0.069 invalidation level.

Near Protocol (NEAR)

  • Near Protocol has broken out of its previous downward trend, supported by two strong volume bars on the daily chart over recent days.
  • Spot entries are recommended between $1.63 and $1.66, with a stop-loss just under $1.60.
  • Price targets are set at the early $2.00 range ($2.10), with a higher target at $2.40.

Takeaways

  • Near Protocol presents a defined risk-to-reward setup for spot traders following a validated trend breakout.

Cardano (ADA)

  • Cardano has broken out of a major macro trend and is currently retesting the breakout level.
  • Spot entries carry a potential risk of up to a 10% stop-loss, targeting potential rewards of 80% to 100%.
  • For lower-risk or leveraged execution, traders can monitor the 1-hour and 4-hour charts to trade smaller top-trend breakout triggers.

Takeaways

  • Suitable as a longer-term spot accumulation play or a shorter-term chart pattern execution depending on risk tolerance.

Fetch.ai (FET)

  • Fetch.ai is currently sitting at the bottom of its macro range.
  • The speaker has been dollar-cost averaging into long-term spot positions at these major levels, with no immediate short-term trades recommended.

Takeaways

  • Treat Fetch.ai as a high-timeframe accumulation candidate for dollar-cost averaging rather than a short-term trade.

Ondo (ONDO)

  • Ondo is forming a long descending wedge and is reportedly hours away from a potential breakout.
  • The speaker plans to enter long upon a confirmed 4-hour close above the trendline, utilizing a tight stop-loss just below the pattern.
  • The initial upside price target is $0.41 to $0.42.

Takeaways

  • Exercise patience and wait for a confirmed 4-hour candle close above the descending wedge before entering to avoid fakeouts during high-volatility events like CPI releases.

Gold

  • The speaker executed a short-term short position on gold as a hedge against CPI volatility and a potential cool-down as it approaches its 200-day moving average.
  • The expected move is a short-term 2% to 3% pullback.

Takeaways

  • Gold may experience a temporary cool-down near major moving averages, making short-term tactical hedging viable during macro data releases.
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Video Description
Sheldon breaks down why Bitcoin is approaching a major breaking point as the market reacts to CPI Day. With inflation data in focus, BTC could be setting up for a significant move in either direction. In this video, Sheldon looks at Bitcoin’s current price action, key support and resistance levels, and the signals traders should be watching closely. He also breaks down the bullish and bearish scenarios that could play out following the CPI release. With volatility likely to increase, the next move could be crucial for Bitcoin’s short-term trend. Watch until the end to see what Sheldon expects Bitcoin to do next. ______________________ 📺 𝗦𝗛𝗘𝗟𝗗𝗢𝗡 𝗧𝗛𝗘 𝗦𝗡𝗜𝗣𝗘𝗥 - 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗬𝗼𝘂𝗧𝘂𝗯𝗲 𝗖𝗵𝗮𝗻𝗻𝗲𝗹! 👉 https://www.youtube.com/@officialsnipertrading 🎯 𝗦𝗡𝗜𝗣𝗘𝗥 𝗖𝗟𝗨𝗕 - 𝗧𝗿𝗮𝗱𝗲 𝗦𝗺𝗮𝗿𝘁𝗲𝗿! 𝗪𝗶𝗻 𝘄𝗶𝘁𝗵 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆, 𝗻𝗼𝘁 𝗟𝘂𝗰𝗸! Sniper Club isn't just about trades, it is your daily hub for trading info, insights, and the community that gets it. 👉 𝗕𝗲𝗰𝗼𝗺𝗲 𝗮 𝗦𝗻𝗶𝗽𝗲𝗿: https://sniperclub.net/JoinSniperTradingYT ______________________ 𝗧𝗥𝗔𝗗𝗘 𝗪𝗛𝗘𝗥𝗘 𝗦𝗛𝗘𝗟𝗗𝗢𝗡 𝗧𝗥𝗔𝗗𝗘𝗦! ⬇⬇⬇⬇⬇⬇ 🔥 WXT Rewards Season 2 is now live! Exclusive rewards for new users ① Net deposit ≥ 100 USDT: Get 100 WXT ② Make your first Spot purchase of WXT: Get another 100 WXT + 50 USDT trail fund ⛏️ 660,000 WXT prize pool — open to all users! Net buy WXT during the event and reach the required tier to share the prize pool. 📅 Aug 11, 03:00 – Aug 21, 10:00 (UTC+0) New users, remember to complete the tasks in order: Deposit → Buy WXT. Don’t miss out on the rewards! https://www.weex.com/events/promo/wxt-gold-rush-s2 ______________________ 📈 𝗧𝗥𝗔𝗗𝗜𝗡𝗚𝗩𝗜𝗘𝗪 — 𝗧𝗿𝗮𝗰𝗸 𝗔𝗹𝗹 𝗠𝗮𝗿𝗸𝗲𝘁𝘀! 👉 https://bit.ly/TradingView-Shedon 🚀 𝗨𝗟𝗧𝗥𝗔 𝗧𝗥𝗔𝗗𝗘𝗥 - 𝗚𝗲𝘁 𝗧𝗵𝗲 𝗠𝗼𝘀𝘁 𝗣𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗧𝗿𝗮𝗱𝗲 𝗧𝗿𝗮𝗰𝗸𝗲𝗿! 👉 https://bit.ly/ultra-trader-sheldon ______________________ 𝗙𝗢𝗟𝗟𝗢𝗪 𝗦𝗛𝗘𝗟𝗗𝗢𝗡! ⬇⬇⬇⬇⬇⬇ 👉 𝗫: https://x.com/Sheldino_D 👉 𝗜𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺: https://bit.ly/sniper-insta 👉 𝗔𝗹𝗹 𝗦𝗼𝗰𝗶𝗮𝗹𝘀: https://linktr.ee/sheldon_the_sniper ______________________ 𝗙𝗥𝗘𝗘 𝗖𝗥𝗬𝗣𝗧𝗢 𝗡𝗘𝗪𝗦𝗟𝗘𝗧𝗧𝗘𝗥𝗦 ⬇⬇⬇⬇⬇⬇ 📬 𝗗𝗮𝗶𝗹𝘆 𝗖𝗮𝗻𝗱𝗹𝗲: https://bit.ly/Daily-Candle-Sheldon 📬 𝗚𝗼𝗼𝗱 𝗠𝗼𝗿𝗻𝗶𝗻𝗴 𝗖𝗿𝘆𝗽𝘁𝗼: https://bit.ly/GM-Crypto-Shedlon ________________ 👁️‍🗨️ 𝗖𝗿𝘆𝗽𝘁𝗼 𝗕𝗮𝗻𝘁𝗲𝗿 𝗮𝗯𝗶𝗱𝗲 𝗯𝘆 𝘁𝗵𝗲 𝗳𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝗱𝗲 𝗼𝗳 𝗰𝗼𝗻𝗱𝘂𝗰𝘁: 👉 https://www.cryptobanter.com/our-ethics/ We take our code of ethics very seriously and have engaged @zachxbt (https://twitter.com/zachxbt) to monitor our progress. If you feel we’re not living up to it and have hard evidence please mail ZachXBT directly at reportcb@protonmail.com (mailto:reportcb@protonmail.com) ⚠️ 𝗕𝗘𝗪𝗔𝗥𝗘 𝗢𝗙 𝗦𝗖𝗔𝗠𝗠𝗘𝗥𝗦 𝗜𝗡 𝗢𝗨𝗥 𝗖𝗢𝗠𝗠𝗘𝗡𝗧𝗦 𝗔𝗡𝗗 𝗖𝗢𝗠𝗠𝗨𝗡𝗜𝗧𝗬 𝗖𝗛𝗔𝗡𝗡𝗘𝗟𝗦 ________________________ Crypto Banter is a live-streaming channel that brings you the hottest crypto news, market updates, and fundamentals of digital assets. Join the fastest-growing crypto trading community to get notified on the most profitable trades and the latest crypto market updates & news!! 📝 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: Crypto Banter is a social podcast for entertainment purposes only. All opinions expressed by the hosts, guests, and callers should not be construed as financial advice. Views expressed by guests and hosts do not reflect the views of the station. Listeners are encouraged to do their own research. #TradingBitcoin #TradingAltcoins #CryptoTrading #Sheldon ⏱ 𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀: 00:00 🎬 𝗪𝗮𝘁𝗰𝗵 𝗦𝗵𝗲𝗹𝗱𝗼𝗻'𝘀 𝗙𝗥𝗘𝗘 𝗖𝗿𝘆𝗽𝘁𝗼 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗟𝗲𝘀𝘀𝗼𝗻𝘀: https://www.youtube.com/watch?v=YGBLIYXXoOA&list=PLmOv2_vzOoGcTirwpJoyhGrYRnv1CRyIa
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