BTC outlook for 9 May 2022.
BTC continuing its drop towards my long term trend line and is currently trading around it today. I believe this will prove to be a strong level of support for BTC and we will finally see some consolidation in the market after the bearish push experienced the last couple of days. The level of 33k aligns with both my long term trend line as well as the strong rejection zone back from 24 Jan where BTC dropped to 33k and rejected it quite heavily. If we can see BTC respect this level I believe a bottom here would make sense and we could see a relief bounce in the market.
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