*Just a heads up, this is a weekly chart, as opposed to the usual daily chart*
As previously discussed, we are now seeing price action test LTS-2 (Long-Term Support level 2). This is a significant event given the downside risk if that level fails. Outside of LTS-2, there is some support around 6000-6500 from the previous consolidation and price floor back in 2018, but if that level fails as well, there isn’t any real support till 3000. Obviously this can all change with positive macro changes or news to support BTC, but in lieu of that, previous price action is our road map.
On the positive side, if LTS-2 holds, and we see price action in the declining channel (blue parallel lines) break to the upside, things would start to look promising for bulls.
As previously discussed, we are now seeing price action test LTS-2 (Long-Term Support level 2). This is a significant event given the downside risk if that level fails. Outside of LTS-2, there is some support around 6000-6500 from the previous consolidation and price floor back in 2018, but if that level fails as well, there isn’t any real support till 3000. Obviously this can all change with positive macro changes or news to support BTC, but in lieu of that, previous price action is our road map.
On the positive side, if LTS-2 holds, and we see price action in the declining channel (blue parallel lines) break to the upside, things would start to look promising for bulls.