- CPI is up 0.4% for September 2022
- Crypto Altcoins nuked last night ahead of the CPI print this morning
- This is a signal that the Fed will continue to raise rates at the next FOMC Meeting in November
- Anticipate 75 to 100 basis point increase which will increase volatility in the markets
S&P 500 / $SPY
- Pre-market dropped from $360 to $350 marking a lower low going into market open this morning
- This could be the beginning of a waterfall selloff going into the next FOMC Meeting
On Monday we reviewed Polygon/$MATIC and predicted a pennant breakdown:
And here’s where we are now:
- Sometimes technical analysis works
- Perfect timing with the CPI print this morning
Altcoins Selling Off / Bitcoin Price Holding
Polygon, Cosmos, and Polkadot all dipped heavily yesterday. Polkadot / $DOT printed a new local low:
- There’s more pain ahead if the Fed is expected to raise rates again
Now let’s take a look at Bitcoin:
- Heavy selloff on Bitcoin
- Note 2 things:
- Altcoins sold off before Bitcoin did and Bitcoin sold off before equities did
- The RSI is heavily oversold – I’m expecting a bounce here
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