Bitcoin At The Next Major Support Level
Bitcoin has now declined 71% from the high of November 2021, almost
reaching $70,000 before moving south.
Last year’s low at $27,734 was held as support in May this year, but June’s
candle has so far penetrated this level. We could see a push up before the
end of the month and a close above this level, but for now price is trading below it.
Another major level of support is holding price up, and this level is from the high
of December 2017 at $19,666. This level held as resistance up until December
2020 during that consolidation period. It has now turned from resistance to support.
This level is also around the $20,000 round number, a psychological level of support.
This reinforces this support level as being significant, but of course, we have to wait
and see what price chooses to do next, so patience for now.
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reaching $70,000 before moving south.
Last year’s low at $27,734 was held as support in May this year, but June’s
candle has so far penetrated this level. We could see a push up before the
end of the month and a close above this level, but for now price is trading below it.
Another major level of support is holding price up, and this level is from the high
of December 2017 at $19,666. This level held as resistance up until December
2020 during that consolidation period. It has now turned from resistance to support.
This level is also around the $20,000 round number, a psychological level of support.
This reinforces this support level as being significant, but of course, we have to wait
and see what price chooses to do next, so patience for now.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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