Still on an overall downtrend and has a long way to go before it can be considered bullish. May be within this large descending channel. You can draw a number of different chart patterns, but I think this shows what the larger support resistance lines are.
Right now it's trying to maintain support around 31k. A daily close below 31k would have us going to retest 28k again.
Some scenarios:
A bounce off support and move upwards. How high? Not very, maybe 34k since volumes are still abysmal.
A slow bleed as BTC just kind of hugs the lower support line or bounces between support and resistance levels.
A break down. How low? Between anywhere between 22-30k or as low as 17k.
Right now it's trying to maintain support around 31k. A daily close below 31k would have us going to retest 28k again.
Some scenarios:
A bounce off support and move upwards. How high? Not very, maybe 34k since volumes are still abysmal.
A slow bleed as BTC just kind of hugs the lower support line or bounces between support and resistance levels.
A break down. How low? Between anywhere between 22-30k or as low as 17k.
