In the past seven weeks, all the weekly candles of bitcoin closed above 34.6k while the current week's candle is still trading below 34k. The support has been holding for long and hope it still hold before today runs out. If bitcoin should close below the support zone at 34.6k then it's certain we'd see retest at 32k at the lower low on the descending channel on 1hr tf and in the event, the 32k support doesn't hold too, we might see a retest of the previous supports. The week's candle would close in 4hrs to this time and hope it closes above so we can start to see new uptrends in btc.
Comment:
Btc closed below the support line at 34.6k on the previous weekly candle. As this insinuates, we'd see a retest of the previous supports and I'm hopping it's not the start to ride off to the final bear season.
Comment:
As regards the recent price action on btc, we saw a retest on the previous support and it's still very much possible to go below and retest some other supports too but my max low would be 30.5k while my stop loss would be sitting a bit below this price. My charts predicts an uptrend in btc soon. I'll be making a new post soon on my btc chart. Anticipate!
