BTC - Quick Reference for Possible Bearish Continuation
Looking at the macro "what-if" scenario for Bitcoin if bears continue to drive the market down below this key support level in the upper 20s. As noted in my last post, despite the US Dollar Index posting a retracement and equities a relief, Bitcoin and crypto markets continue to be pressured by bears and its important to have a plan in mind if we continue down.
This chart only shows major/notable support levels on higher timeframes. You may trade between them, or on the back of a capitulation candle you could blow through a support temporarily (and recover) but I expect a response along any of the levels marked.
At the top we have the 2021-22 accumulation range we are trading in now. With a lot of eyes on this range, losing it would have a significant psychological impact on traders that are already extremely fearful. Losing that will lead us towards the purple support levels.
I am still of the opinion that we won't lose last cycle's top on a weekly, but perhaps wick under if conditions are very poor. We find a lot of support in the lower
30S to upper 
20S and based on on-chain data it looks like accumulation is still in play with multi-year lows on supply and the downtrend (ie. outflows) resuming after the volatility of mid May.
This chart only shows major/notable support levels on higher timeframes. You may trade between them, or on the back of a capitulation candle you could blow through a support temporarily (and recover) but I expect a response along any of the levels marked.
At the top we have the 2021-22 accumulation range we are trading in now. With a lot of eyes on this range, losing it would have a significant psychological impact on traders that are already extremely fearful. Losing that will lead us towards the purple support levels.
I am still of the opinion that we won't lose last cycle's top on a weekly, but perhaps wick under if conditions are very poor. We find a lot of support in the lower
30S to upper 20S and based on on-chain data it looks like accumulation is still in play with multi-year lows on supply and the downtrend (ie. outflows) resuming after the volatility of mid May.
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