🔥 Bitcoin: Will The Support Hold?

It's been a couple of days since my last BTC analysis. In the last analysis I predicted a prolonged consolidation between the 40k-41k area. There was some consolidation indeed, but in the end the 40k support didnt hold, and we saw a bearish move.

See my previous post for reference:

Currently, BTC is still above the orange trend line, which is for me an indication that we're still bullish. We're currently trading at both the trend line and the 0.382 Fibonacci retracement line. Although these are strong areas of support, I'm not 100% sure that this will hold.

For a long trade, I'm currently looking at the 38k resistance. A move above 38k could mean that the supports were strong enough, and we could potentially move towards the 42k region.

For a short, a fall through the orange support line must occur. I'm looking at the 37k support here. A failure to hold 37k could mean that a further move to 35k and potentially lower is expected.

Long-term, I'm still bullish as per my long-term BTC view:

Happy trading!