From the weekly timeframe, you can see how price is currently being rejected from the resistance level which gives us a bias of a head and shoulder pattern in formation, so by the looks of this Bitcoin is headed to the $42k support area and if price fails to hold that level, it could be headed for the bullish order block at $33k annotated with a blue shaded rectangle, and if that fails also we could have $28-$29k all over again.
Summary: We're bearish and the possible areas of rejection are:
1) $39.3k - $42k (support area)
2) $31.7k - $34.2k (bullish order block)
3) $27.2k - $31k (support area)
Summary: We're bearish and the possible areas of rejection are:
1) $39.3k - $42k (support area)
2) $31.7k - $34.2k (bullish order block)
3) $27.2k - $31k (support area)
Comment:
Perfecto... The bullish order block held perfectly.