We still encourage traders to be aware of the $18k-$19k support, as a break below would be a clear bearish technical signal. We also repeat the warning; the bitcoin price has mainly been testing the lower levels of the range over the past month. However, it’s worth monitoring the micro trend of lower highs in the current tight range. After the local bottom in late September, the lows have marginally climbed higher, which is a positive trend. As already mentioned several times this week, the CPI update on Thursday is a catalyst for volatility, and we expect to see the BTC price challenge the current tight range. The more advanced traders can explore options strategies betting on volatility going into Thursday’s announcement, as we’re confident about increased volatility this week but not on the direction of the BTC price.
Source: Tradingview (Coinbase)