Bitcoin: $18,200 Within Reach on Favorable CPI

·    January 11, 2023

·      January 11, 2023

·    January 11, 2023


Bitcoin (BTC) has had a nice run in 2023, gaining 6% since January 1st.

It may not sound like much in the crypto world, but a 6% rally is a welcome sight considering the beating that crypto assets have taken since November 2021.

Not only that, but Bitcoin’s technicals have looked stellar since the year began.

Most notable is the breakout on January 3rd, which I wrote about a day later.

I managed to get long BTC at $16,722, which I announced in my other Discord group.

Although I took some profit at $17,300 and will take more at $17,600, I think BTC has a shot at $18,200 this month.

That’s a massive confluence of resistance as it’s the intersection of range highs and the August 2022 trend line.

However, don’t dismiss $17,600 resistance.

It’s the June 2022 low, which became a prominent support area for months until the FTX debacle last November.

But if Bitcoin bulls can clear $17,600 on a 4-hour and daily closing basis, the $18,200 region is next.

BTC support is between $17,300 and $17,400, with a close below that area turning things more bearish.

Remember that we have US CPI on Thursday at 8:30 am EST, which is sure to be a market mover.

So if you aren’t in a BTC trade yet, it’s probably wise to wait until after that event to consider your options.

Otherwise, you run the risk of getting chopped up in the volatility.

The year-over-year CPI forecast is 6.5%. Anything below that would likely be bullish for risk assets, while above would be bearish.

Bitcoin support and resistance
Bitcoin 4-hour support and resistance

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