BTC Nearing Long Term Price Support
Updated
BTCUSD has made significant progress towards completing the long term price pattern.
Our expectation is to see ~ 23.6k as an ideal price target, in a support zone of 22.4-24.2k, before putting in a significant bottom to complete the corrective price action that started in April 2021.
Our expectation is to see ~ 23.6k as an ideal price target, in a support zone of 22.4-24.2k, before putting in a significant bottom to complete the corrective price action that started in April 2021.
Comment
Price has continued consolidating since our last update, coming close to testing our resistance level around 32.6k. We continue to believe this consolidation will ultimately resolve lower to test the support zone below.Comment
BTCUSD has broken below the May 12th low as expected. We still like 24,150-22,400 as a long support zone, and think 23.6k could be a significant price level where a low could occur.
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