📈📉 Today’s CPI could send Fantom soaring! The DXY fails to hold key level!
WARNING! US CPI inflation data comes out today and may cause market volatility.
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Chart #1 - Fantom (FTMUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
FTM has been one of the stronger performers this year, rallying from below $0.20 in January up to $0.65 at the beginning of February.Â
Price has retraced over the past week and a half and has been consolidating between $0.41 - $0.49.Â
If today's CPI result meets or beats market expectations, FTM could attempt to retest $0.50 (resistance). A break of that resistance could see FTM reach its minor resistance levels of $0.55 and $0.60 or even the major $0.65 one.Â
But, if the market drops due to CPI results coming in worse than expected, and FTM breaks its $0.40 (support), the next support is at $0.30 - $0.34.Â
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Chart #2 - S&P 500 1-Day Chart
Chartist: Kyle
(For the chart screenshot, click here.)
As the stock market continues to rally, it looks like it's setting the next higher low on the charts. If that is the case, the next area of interest is the range high at 4,325.
As can be seen on the chart, the price is currently at the 0.75 level, meaning it has already made its way 75% up the range. If it makes it to the range high, I would consider taking profits on longs.Â
So long as the red momentum trend line holds, the upside is more likely.
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Chart #3 - DXY 8-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here.)
The dollar temporarily moved above its key yearly level of 103.49, but has failed to hold it as support.Â
It's too soon to make a call on whether this level will be the next macro lower high, or if it will be reclaimed, but either way, it's something worth keeping an eye on in the coming weeks.Â
Generally speaking, a strong dollar would mean weak risk-on assets. However, if it is to clear above the key yearly and rally, it's not necessarily a death sentence for crypto in the longer term. If you look at the previous crypto bull runs, you will notice crypto actually rallied with a rising dollar.
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Chart #4 - Bitcoin (BTCUSDT) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here.)
Over the last four days, bitcoin has been consolidating in a tight range, between $21,400 and $21,920 (currently trading at $21,700). That could change with the US CPI numbers coming out later this afternoon, which should give the market a sense of direction.
If the CPI result meets or beats expectations, BTC could rally back up to retest resistance at $22,300 - $22,600. If BTC breaks through there, the next resistance is at $24,500 - $25,000.Â
But if the CPI result is worse than expected, BTC could lose its current area of support, with the next ones coming in at $19,700 (the 200MA on the daily chart), below that at $18,200, and followed by the $16,987 level.
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 50 today, Neutral.
The highest the index has been over the past seven days is 58, and the lowest is 48.
Overall Market Sentiment (Banter’s Take)
As is always the case, the best short-term trades for today are to sit on our hands, as the CPI inflation data release is sure to move the markets. From a high time frame perspective, we’ll be on a higher low watch, looking for a potential bitcoin bounce off its mid-range level at roughly $20,000.
Stay safe my friends!
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