The run-up for BTC has been quite impressive un-doing a greater part of this bear cycle ( or retrace depending on your stance ) and during the past week, we have found ourselves within this big channel. The support is very strong and previous seen big rejections however in the previous few days the bounces have gotten weaker and have started to slip under the support only to return after the next candle.
While this support is currently strong, remaining under this support for any amount of time should be seen as massively bearish and could see us slip into the low 40's. The next test of this support is quite significant however before we see that I believe we will visit 47k.
Claiming 47k is quite a big psychological barrier and we should look for acceptance or potentially a rejection. Currently, my stance is still bearish due to the upcoming resistance being very strong and bearish divergence on rsi and volume being low.
TL: DR - Support appears to be weakening and upcoming resistance is strong.
While this support is currently strong, remaining under this support for any amount of time should be seen as massively bearish and could see us slip into the low 40's. The next test of this support is quite significant however before we see that I believe we will visit 47k.
Claiming 47k is quite a big psychological barrier and we should look for acceptance or potentially a rejection. Currently, my stance is still bearish due to the upcoming resistance being very strong and bearish divergence on rsi and volume being low.
TL: DR - Support appears to be weakening and upcoming resistance is strong.
