I'd like to see price staying above the gray crab zone. If it closes back inside, there's a good chance we drop as low as ~19k. Still bullish if that happens. One thing I wouldn't like to see is the price dropping below the parabolic line of support.
We have no business below 19k. It took one of the biggest happenings in crypto (FTX collapsing) to drag us below that level. If that happens, then I have to rethink things.
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Five days later and the price is still hanging above the crab zone. It appears I was right to mark the top of the gray range as support. BTC remains bullish as long as it stays above, but if/once it closes back in the zone, then:
- the first target is the midpoint (around 20.5k) - the second is the bottom of the range (around 19k).