Both of the moves lower in Bitcoin are bear flag formations being held down by basically every moving average known to man (not all pictured above). In addition to the resistance levels, this makes it very difficult to just magically reverse and become bullish again. Not to say it won't soon, but if this is another bear flag here, a move lower seems likely. It might just be a wedge but it is a wedge that could break in either direction.
Notice the much smaller size of the second bear flag. One could speculate (as we all are) that the next one may be of smaller size, which would corroborate the 20k range of next support levels. This is not entirely unrealistic, as crypto can be quite cyclical.
Plenty of resistance in the mid to low 30s. But basically everything becomes resistance and that is the problem. There is much for Bitcoin to conquer here.
It seems much of the attention has shifted to "alt" coins and $ETH. But I don't have much faith in those if we get another sizable move lower in Bitcoin.
Notice the much smaller size of the second bear flag. One could speculate (as we all are) that the next one may be of smaller size, which would corroborate the 20k range of next support levels. This is not entirely unrealistic, as crypto can be quite cyclical.
Plenty of resistance in the mid to low 30s. But basically everything becomes resistance and that is the problem. There is much for Bitcoin to conquer here.
It seems much of the attention has shifted to "alt" coins and $ETH. But I don't have much faith in those if we get another sizable move lower in Bitcoin.