Hello and welcome to this analysis on BTCUSD
In Jan 2022 it completed what appeared to be a sideways correction and activated a Bullish Harmonic Reciprocal AB=CD @ 33000.
From there it went on to give a 38% retracement till 48000 by the end Mar 2022.
The current decline is now testing the reversal zone of 33000. The next support below this is the crucial one near 28500.
Failure to hold that short-term rising trendline which has so far been making HIGHER LOWS could see a further plunge till 15000 & a possible 11500 where the long term monthly trendline is and a zone it had done a long period of consolidation from JUN-SEPT 2020.
Resistance is at 37000 for now
In Jan 2022 it completed what appeared to be a sideways correction and activated a Bullish Harmonic Reciprocal AB=CD @ 33000.
From there it went on to give a 38% retracement till 48000 by the end Mar 2022.
The current decline is now testing the reversal zone of 33000. The next support below this is the crucial one near 28500.
Failure to hold that short-term rising trendline which has so far been making HIGHER LOWS could see a further plunge till 15000 & a possible 11500 where the long term monthly trendline is and a zone it had done a long period of consolidation from JUN-SEPT 2020.
Resistance is at 37000 for now
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