Looking at the Bitcoin Weekly chart, we point out a few key ranges. 📊
The first being the astronomical money-printing fueled pump back in 2021.
This range is the backbone of why most, us included, are so bearish on Bitcoin and crypto in general. At least in the short term (we're bullish on crypto very long term).
Thanks to the FTX circus, we've just recently broken down the May-Nov range that we were crabbing along in. 🦀
We've mapped out where we think we can fall into - $11-15K. Essentially just above the pre-pump resistance level of 2021.
As we type this out though Bitcoin is trying to hold 16K, however the fallout of FTX is likely and already has taken down other huge players in the space. 🥶
Combine that with the current macro situation, and it remains difficult to be bullish over the next 1-3 months.🐻
Ultimately, the fate of Bitcoin dumping to 10K, or ranging where we pointed out around $11-15K is up to the SP500. If equities nuke down, then we're likely headed to goblintown in crypto for quite some time...👺