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Bitcoin cpi

Bitcoin Price Bounces After CPI Dump | BTCUSD Analysis October 13, 2022

Tony Spilotro by Tony Spilotro
4 months ago
in Bitcoin
Reading Time: 4 mins read
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In this episode of NewsBTC’s daily technical analysis videos, we are looking at the Bitcoin price bounce today after a steep selloff following the release of CPI numbers for September.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 13, 2022

At 8:30AM ET this morning, updated Consumer Price Index figures were released to the public, prompting a sharp to-the-minute selloff in Bitcoin and the stock market. Within a couple of hours later, all intraday losses were recaptured in a swift move.

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Consumer prices rose 0.4% in September and were up 8.2% year over year. The fact inflation isn’t waning could prompt the Fed to further raise interest rates in November in December. Recent rate hikes are showing very little impact in curbing inflation.

Related Reading: Total Crypto Market Cap Meltdown | TOTAL Analysis October 12, 2022

Bitcoin Price Bounces Back From Lower Bollinger Band

Today’s move in Bitcoin price tapped the lower Bollinger Band, but was quickly bought up after traveling outside it. Had BTCUSD been ready to break down, touching the lower would have been the time. Instead, price action snapped back and is brushing up against the middle-BB. 

With the Bollinger Bands squeezing, volatility should be released soon enough and after today’s defense, the probability of a move up just increased significantly. Today’s daily close making it above the middle-Bollinger Band would further improve the chances for upside.

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BTCUSD_2022-10-13_15-39-44

The Bollinger Bands appear ready to release volatility | Source: BTCUSD on TradingView.com

BTC Futures Escapes Bear Cross, Bulls Take Charge

On daily timeframes, the LMACD has crossed bearish on the BTCUSD spot index and other spot exchanges. Meanwhile, CME BTC price charts are still bullish and showing signs of diverging up. 

Discrepancies in the LMACD between the spot index and CME Bitcoin futures in the past have been notable. During the 2021 second peak at $68K, spot Bitcoin exchanges had crossed bullish, while CME traders narrowly avoided the bull cross. The discrepancy happened at the exact top of the bull run.

On the way down, ahead of the LUNA collapse, there was another discrepancy between spot exchange and CME futures using the LMACD. Spot once again flipped bullish, while CME stayed bearish the entire time.

BTC1!_2022-10-13_15-38-50

Could the discrepancy have been bait for retail traders? | Source: BTCUSD on TradingView.com

Related Reading: The End of Bitcoin Woes? BTCUSD Analysis October 11, 2022

TD9 Buy Signal Gets Perfected With Sweep Of Lows

One thing is for certain: the weekly LMACD on both spot and CME are exactly the same. However, price action is not. CME was closed when we had a wick down to $17,500. This means that today’s low swept all previous lows.

Because lows were swept on CME Bitcoin futures, it was enough movement to trigger a perfected TD9 buy setup on weekly timeframes. The perfected TD9 buy setup happened at a former failed TD9 sell signal, and a cluster of support that coincides with Bitcoin’s former all-time high. If Bitcoin can stage a recovery here, the level might hold permanently.

BTC1!_2022-10-13_15-36-18

A TD9 buy setup has been perfected with the new low | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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