7-12-22
Wow. Inflation came in at 9.1% beating forecast of 8.8%. The surprising thing was the market’s reaction to the news. Although BTC, SPY, NDAQ and ETH all began to plummet immediately, they recovered quickly. This reaction underscores a few things.
Inflation scares may already be priced in.
Adds more substance to the theory that the market has already bottomed out.
The current support levels for ETH (1k) and BTC (19k) are strong.
Its appears that the downtrend has broken in crypto and the market will likely begin to range sideways for a few days until it begins to uptrend again. A break in the RED line on the ETH chart will confirm the break into uptrend.
Set ups.
Placing a DCA buy orders for ETH at 1015 and 1020.
Looking to buy AAVE near the $64 level
Looking to buy GMX near the $22 level
Looking to buy RUNE near the $1.73
Disclaimer: All opinions expressed by the publisher should not be construed as financial advice The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.