Support 2 is holding well.
What was support 1 at around 47k in part 1 (link below), is now resistance 1, and I'm metaphorically betting we revisit it in the next 14 days. I'm not buying back until/if the 50k levels are reclaimed - and will be all in again if 58k is reclaimed. I'm alright with missing out on 25% potential gains, so long as I'm sure the bull is back.
Each 14 day bar has opened and closed in roughly the same range (highlighted blue). The latest wick below touched support 1, then retraced back into the blue range. That quick retrace is a bullish sign. It seems the path that BTC takes next will be shown by a bar which closes either above or below the range. Keep an eye out.
IF 14d bar closes above the...
There is a strong bearish argument to be made. In my opinion it is stronger than the bull case at the moment. I won't go over it here, but if we assume the bears are right, then I provide three reasons why 40k-42k is a good place to buy.