Bitcoin and 10k all but guaranteed?

Looking at the Weekly Bitcoin chart.

We've mapped out a key level that Bitcoin shattered down through with the FTX news, but has since failed to reclaim and break back through.

FTX collapse aside though, we can see that this 18K level is where Bitcoin skyrocketed past in late 2020. Thanks to Uncle Sam's stimulus checks of course...

Over the coming weeks, this 18K level will be a strong indicator if we'll see more pain ahead.

Bitcoin wasn't able to hold the 18K level it blasted past this week. The 10-12K range seems to be calling Bitcoin's name at this point.

Combine that with CPI, the FOMC/FED and Powell's stances, the bearish sentiment has no reason to go away.

Inflation came in lower (despite still being at 7.1%), but as Powell stated, they'll be continuing to hike until their targeted 2% level is achieved.

We'll look for nice trade setups on the way up or down. As you should be too.

Eyes peeled out there.

-TucciNomics
Chief Overlord, AlgoBuddy