BTC - Bearish and Bullish Scenarios Outlined
Bitcoin has people sweating. The fud last week was excessive, in my opinion. You see that sometimes, its a good stress test for crypto. That said, some of the concerns are valid and deserve to be monitored, like the Silvergate news and ongoing SEC drama.
But back to the chart - BTC tapped a local diagonal support extending from mid January, around ~22k.
A rally to retest
25K resistance is the bullish scenario, but I'm not confident we can recover 25K in the near term unless good news hits the market.
And if bulls lose 22k support, look for another drop towards a historical demand range between 21.6k and 20.6k (green box).
And if that fails: 20.4k (November 2021 resistance flipped support), and 20k psychological support.
But back to the chart - BTC tapped a local diagonal support extending from mid January, around ~22k.
A rally to retest
25K resistance is the bullish scenario, but I'm not confident we can recover 25K in the near term unless good news hits the market. And if bulls lose 22k support, look for another drop towards a historical demand range between 21.6k and 20.6k (green box).
And if that fails: 20.4k (November 2021 resistance flipped support), and 20k psychological support.
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