Bitcoin Forex Signal Today 12/12: Surges After CPI (Chart)

(MENAFN- Daily Forex) Potential Signal:

• I do believe that this market will break out eventually, but I also recognize that there could be the occasional pullback going forward for a while.
• With this in mind, if the market pulls back to the $97,000 level, I am more than willing to add to a position I already have.
• If you are just now getting into it, your stop loss will have to be down near the $92,000 level.
• The target could of course be $110,000 but expect it to take a while to get there.

During my daily analysis of bitcoin , it's obvious that we are doing everything we can to run higher, but we still face significant barriers just above. That being said, the Consumer Price Index in the United States came out during the trading session, and it came out as expected. This gives markets a little bit of clarity as to what the inflation picture is like, and therefore it has breathed a bit of a sigh of relief.

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I know most bitcoin traders will hate to hear this, but suddenly it is going to matter what Wall Street thinks about the overall economy. Bitcoin is no longer a fringe asset, and now is going to be pushed around by traders at large banks. In other words, it's going to behave like many other assets around the world. It will lose its unique value from a trading standpoint Analysis

EURUSD Chart by TradingView

With the CPI coming out as expected at 0.3% month over month, it has given the“green light” for assets that are little further out on the risk spectrum. In this backdrop, we also need to keep an eye on Bitcoin due to the fact that it's been doing everything it can to break out to the upside but hasn't been able to accomplish this. If we can break above the $104,125 level, then I think we start to kick off the next leg higher and what would almost certainly be a short-term“FOMO trade” that could send the Bitcoin market go looking to the $110,000 level rather quickly.

In the meantime, a short-term pullback does make sense from time to time, and of course what I see when I look at the chart is a market that's doing everything it can to build up enough momentum to finally break free, and I do think that it happened sooner or later. Every time this market dips, there are traders out there willing to get involved in take advantage of“cheap coins.” In fact, that is exactly how I plan on trading this market, buying dips every time they occur.

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