$CFX Bitcoin: 113K Support Bounce Buy Signal!
Bitcoin has retraced thanks mostly to "unexpected" revisions to labor market statistics. While this move has many making outrageous forecasts, price has simply retraced to the 113K support levels and has generated a swing trade long signal (break of 114K).
$BTC
114,385.7
+0.54%
IF the momentum stays intact, it is within reason to anticipate a test of the low 120K's while a more aggressive expectations would be a break out into the 130K's. Keep in mind if 123K is broken, even by a small amount, that would confirm the current movement as the wave 5 of 5 which means it becomes the most vulnerable to a broader correction.
This NFP report and BLS situation is the perfect example of a catalyst that NO ONE in the financial "expert" space saw coming. Even Chairman Powell on Wednesday was pointing out how stable employment growth has been and emphasized the importance of this statistic for their rate decisions. Which means the Federal Reserve is making decisions based on totally inaccurate data. Which also means the entire market
