We expect PPI Data release by FED today to impact Crypto market and produce short term retraction to 28.900 zone where the main Bullish market bottom support would be formed.
- PHASE 1 : We shall see formation of double bottom pattern around 28.900 zone observable in larger timeframes (6HR and above).
- PHASE 2: We expect market to reach strong resistance (Main Resistance) @ 34.200 mark where rejection is inevitable to 32.200 - 31.800 mark due to current FED uncertainty and global financial situation and ongoing war issues and rising commodity prices.
- PHASE 3: After some sideways momentum we further expect market to proceed to next resistance level of @ 38.800 where larger correction is imminent and longer accumulation phase for Bullish market shall ensue.
- PHASE 4: After some bottom support consolidation around 35.500-36.300 mark we shall see market to proceed to next resistance level of 48.600.
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