Looking at the Bitcoin 4h chart, we've mapped out some key level and a potential short setup. 📉
The first being the 17.3-17.4K resistance. If we work up to that area, it might be worth looking at some shorts.🔨
A move back down to 16.9K or lower in the near term would be ideal.
If we do leg down beyond that, we might be in for a serious leg back below 16K, into the 15K range.
Macro environment will also be at play here with the PPI #'s coming in pretty ugly. 📰
It will be interesting to see how we close out the last month of a brutal 2022 for all markets.
As we say in almost all of our breakdowns, we think 2023 will be pretty ugly and recession is HIGHLY likely.
Only time will tell. Stay safe & eyes peeled out there on the charts! 👀
-TucciNomics
Chief Overlord, AlgoBuddy
The first being the 17.3-17.4K resistance. If we work up to that area, it might be worth looking at some shorts.🔨
A move back down to 16.9K or lower in the near term would be ideal.
If we do leg down beyond that, we might be in for a serious leg back below 16K, into the 15K range.
Macro environment will also be at play here with the PPI #'s coming in pretty ugly. 📰
It will be interesting to see how we close out the last month of a brutal 2022 for all markets.
As we say in almost all of our breakdowns, we think 2023 will be pretty ugly and recession is HIGHLY likely.
Only time will tell. Stay safe & eyes peeled out there on the charts! 👀
-TucciNomics
Chief Overlord, AlgoBuddy
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