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Following the CPI revelation – which came in at an annual increase of 6.4% versus an expected 6.2% – stocks plunged into negative territory and spent the remainder of the session attempting to claw their way out. At the close of markets in the U.S., the S&P and Dow finished in the red, down 0.03% and 0.46%, respectively, while the Nasdaq managed to finish up 0.57%.
As it stands now, “The bulls have lost their near-term technical advantage,” Wyckoff said, and warned that “The present path of least resistance for prices is sideways to lower.
— Mike McGlone February 13, 2023 According to McGlone, “Bitcoin reached the steepest discount vs. its 200-week moving average at the end of 2022. This is a top reason for the 1Q snapback, but the global economic ebbing tide still looks unfavorable.” The senior macro strategist went on to note that the trajectory for BTC remains downward, as shown by Bitcoin’s 52-week moving average.
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Source: CryptoAmb - 🏆 22. / 68 Read more »