Hello all. Looking at BTCUSD on the weekly timeframe, we can see that the price is currently sitting at around 29k. This is a crucial level of support for the price of bitcoin.
If bitcoin falls below 29k and below the ascending level of support (yellow line), then the price of Bitcoin can reach the 200 week SMA which sits at approximately at 21k . If this scenario plays out we can see 20K bitcoin which was the previous ATH.
We are looking for another 25% drop, unless we remain inside the falling wedge pattern and try to retest the top of the pattern at 35k. This is also possible since the weekly RSI is in the oversold territory.
Thanks for reading, and stay tuned. Enjoy.
If bitcoin falls below 29k and below the ascending level of support (yellow line), then the price of Bitcoin can reach the 200 week SMA which sits at approximately at 21k . If this scenario plays out we can see 20K bitcoin which was the previous ATH.
We are looking for another 25% drop, unless we remain inside the falling wedge pattern and try to retest the top of the pattern at 35k. This is also possible since the weekly RSI is in the oversold territory.
Thanks for reading, and stay tuned. Enjoy.