Hello, dear TradingView members. This idea is a Bitcoin analysis, for the LongShortCompetition.
As I said on the last chart:
"So the 17K-20K area is the support we have for now, which we have been waiting for, for the last few months. Our local resistance is the 23K area, which can be experienced once more.
Now that we are here, there are only two possible scenarios. We will fall more until we get to the 10K-14K price zone. We will go up, but first, consolidate on this price zone for months."
Now that the monthly candle has closed in red, and just as the new month has started, the market has become bearish, we can expect Bitcoin to go lower and land on one of those two support levels shown on the chart. Only two supports on the way down: 1. $17,000 2. $14,000
The lower Bollinger Band (Green line on chart) can help the price move sideways for a while before falling, but it's never that strong to hold sudden crashes. So, we better not count on it as a strong support level.
RSI still isn't showing oversold signals in the monthly timeframe, so we still have room to go lower.
Let me know if you guys have any questions; I will be more than happy to help.
Good luck, and thank you.
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What if Bitcoin falls below $17,000? What then?
Here is a chart of the three possible scenarios in that situation.