Bitcoin is Bullish Once More...
Inflation data comes in as forecasted, Bitcoin is bullish again and reclaims $101k
As mentioned in yesterday's morning note, there was a bullish historical pattern we recognised, which was expected to propel Bitcoin to new highs over the next month or so. The recent price action overnight suggests that we may be on the way to fulfilling this pattern.
Leading into the CPI data release early this morning, Bitcoin and the crypto markets started trading higher, breaching the short-term bearish structure and flipping it back to the bulls just a few hours before the data was released. As anticipated, the CPI data came in as expected with a reading of 0.3% MoM and 2.7% YoY, marking a 0.1% increase from November's reading.
Since the CPI release at 12:30 am, Bitcoin and the markets have been on a one-way trajectory upwards with Bitcoin reclaiming $101k, up 5%, while other altcoins have rallied even more significantly.
The previous few days of price action presented investors with some golden bull market correction buying opportunities. Those who were proactive and bought the 20-25% discounts have reaped the rewards, with most strong altcoins rallying 20+% from those lows and looking poised to continue higher. Those who hesitated or tried to outsmart the market have been left behind and will likely have to buy at higher prices.
We've seen two of these quick bull market corrections over the past two weeks, each time the market responded extremely quickly, rewarding those who bought the dips and leaving the hesitant on the sidelines. If you've missed out on buying both these dips, let the next one be third time lucky and take advantage of the next correction. No one knows when this might occur, but when it does, it will be fast, so ensure you’re staying up-to-date with the Morning Notes and stay in touch with your Stormrake Broker to capitalise when the dip comes.
For investors feeling underexposed or worried about missing out, this is just the beginning. Strengthening your Bitcoin position or acquiring quality altcoins could yield substantial long-term gains. The crypto market is still in its early growth phase, providing believers with a prime environment to capitalise. Contact your Stormrake Crypto Broker today to seize this moment.
Stormrake Spotlight: Gala Games (GALA) ($0.0518)
GALA has rallied from the base we mentioned yesterday and has been one of the market leaders over the last 24 hours, up 13% from yesterday. Gala has been one of the leading assets over the past few weeks and shows no signs of slowing down.
BTC/USD Key Levels and Price Action:
Bitcoin has regained its bullish structure and momentum overnight. BTC has not only created a new higher high and higher low, trading above all moving averages and back above the key level of $100k. Probability suggests we will attempt to create another new all-time high; once this is broken, we have a shot at approaching the medium-term target of $108k. Support is now at the key level of $100k.
BTC Total ETF Flows for 11 Dec: $ + 35.8 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
Ethereum has also reclaimed a bullish structure through new higher highs and higher lows after bouncing from the key support of $3,557. However, unlike Bitcoin, ETH has yet to trade above all moving averages; it's currently trading at the 200 SMA, which may act as a hurdle. If ETH breaks this, we can expect it to approach the key resistance of $4,064; if it fails, it might retest the key support of $3,724.
ETH Total ETF Flows for 11 Dec: $ + 14.0 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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👏👏 on point again ...fab weekend team. 🥂