If BTC loses $29K support, where will the bottom form? If previous major resistance tends to become future major support, then to predict BTC's bottom you need to determine previous major resistance.
Reasoning:
- Major future support = previous major resistance.
- $10,000 - $14,000 was a strong multi-year resistance area leading up to the most recent bull run.
-...
$29,000/$30,000 is major support. If breached, expect $20,000. If THAT is breached, expect $12,000 or lower.
However, I am skeptical about the $20,000 level being potential support. Building support over a previous peak from 2017 could be a little far-fetched. I see that there was MORE resistance at the $12,000 level, and the break of that level led to the 2021...
Looks like a solid buy near $34.00. Next buy-target below that is around the $19.00 mark.
Risk at these levels is fairly low since the upward potential is disproportionately larger based on history.
Broke out of the major weekly downtrend. BTC is starting to range, but making higher lows.
BTC still needs a close above 46k for any significant bullish moves to happen.
S&P broke dynamic support on the monthly...now it looks like price is about to dump below key static support. Are we going down to 2020 levels to re-accumulate?
