BTC Bitcoin Analysis - Bull or Bear Market Support & Resistance
Updated
MY VIEW OF BITCOIN'S DOWNTREND SINCE NOV 9TH
Recent downtrend of Bitcoin beginning Nov 9th 2022 is
shown in turquoise and purple downtrend lines. Dec 21st
shows an attempt at reversal that failed Jan 5th. Dec 4th lows
Were retested on Jan 10th at 39650 but a reversal played out on
the 11th with a follow on day on the 12th and then a rise to a
high of 44453 which was rejected on the same day. We now see a
base of about 42700 we need to hold. A break below this and
41547 represents the next support. Any break of that and we
can retest the low of January 9th and Dec 4th. Closes below that
and we head for 39599, 37289 and 38236 and blow. Breaks
below that would break Bitcoin’s long term uptrend since inception.
Recent downtrend of Bitcoin beginning Nov 9th 2022 is
shown in turquoise and purple downtrend lines. Dec 21st
shows an attempt at reversal that failed Jan 5th. Dec 4th lows
Were retested on Jan 10th at 39650 but a reversal played out on
the 11th with a follow on day on the 12th and then a rise to a
high of 44453 which was rejected on the same day. We now see a
base of about 42700 we need to hold. A break below this and
41547 represents the next support. Any break of that and we
can retest the low of January 9th and Dec 4th. Closes below that
and we head for 39599, 37289 and 38236 and blow. Breaks
below that would break Bitcoin’s long term uptrend since inception.
Note
The word "blow" above should read "possibly below." It's either a typo or auto correct but this is the update.
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