Bitcoin down to 19,200? Looks possible for sure!!

The 29,500 region was a solid support since Jan 2021 but that may have broken as the price action over the last 4 weeks shows. Price has been hanging around that region and if you switch to the daily view, you will see that it has been consolidating in upward sloping channel.

I think that over the next week or two, we may get better clarity on what lies ahead. Either we will see price break free of the channel and continue to the down side - in that case … look out 19,200. Or price will remain within the channel and may make some small gains while continuing to consolidate. At this time, it is difficult to see a bullish scenario, my bias continues to be bearish.

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Always use sound money and risk management and stay patient in all your trades.

Trade active:

If you took this trade, you would have made massive profits already. I see that retracements are getting bigger now, so its time to watch price action on a smaller time frame and close the trade when you feel this may turn around.

Trade closed manually:

Closed the trade. The profit made was very high, no point in keeping it open over thin trading during the weekend.