Bitcoin, will long-term support save the day again?
Hi, TradingView community and our followers. Our focus is once again on Bitcoin and the 29750 area. This level has been a real line in the sand since Jan 21. Since Jan, sellers have been unable to break this area and continue their downtrend.
Yesterday's low once again lined up with this level, and we're seeing a new rally today. Could this be a new hold? We will need to see further buying and possibly some congestion with HLs to show that sellers have run out of momentum. An example of that can be seen back in 2021 between May and July. That final hold kicked off a new medium-term rally.
But, if the current trend can hold lower, a break below this level could be very significant and could suggest that sellers are looking to drop back to 20,000 or below.
Yesterday's low once again lined up with this level, and we're seeing a new rally today. Could this be a new hold? We will need to see further buying and possibly some congestion with HLs to show that sellers have run out of momentum. An example of that can be seen back in 2021 between May and July. That final hold kicked off a new medium-term rally.
But, if the current trend can hold lower, a break below this level could be very significant and could suggest that sellers are looking to drop back to 20,000 or below.
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