I suspect that this is strong enough and should hold the price until the end of this week but the fact that it has now gone below the 50 on weekly chart will definitely reduce the outlook on bitcoin - at least for the next few weeks. Another signal is also forming which is the death cross between the 50 and 200 lines. Personally I use to find support and resistant level more so than looking at death cross but it is worth to keep that in mind.
If the price of bitcoin can close above the 50 on the weekly chart, then the price action would suggest that the Schiff still holds and that we could at be in a sideway market above the and remains below the downtrend for a few weeks.
In my opinion, I think that this Schiff will not hold as the price increase gradient according to this Schiff is ~100% per year. Although it has been true for the past 6 years, it is unlikely to hold true as the marketcap increases. This is because we will need to rely on more capital and time before the next major price movement (and by major I mean 100%+ and not +-10% which I considered to be just noises in this volatile market). The next Schiff that I have (not shown here) suggests that bitcoin price in the next major bull run can give a return of ~60% per year which is definitely more realistic than the one we have been in for the past 6 years.
However, we need to stay objective and follow the chart so as long as the current Schiff holds true, then we should trade according to that and hence why I'm on long while risk controlling my portfolio risk with position sizing.
The main support now would be ~6300 (7200 +-12% for unexpected ). Going below that could suggest the main support to be the next Schiff at ~4800 (~5500 +-12%).