The first support we have is at $38-40k in the region around the SMA(50) and the weak resistance from earlier this year.
If that fails, the next area of support is around
31K, which was weak support earlier this year.
There is also an extremely weak area of resistance around $20k, which coincides with the ATH from the last market cycle.
Finally, there is an area of strong resistance stretching back over a year that is around $12k. In these types of patterns, we would expect that resistance area to turn to support in the case a a prolonged downtrend.
If that fails, the next area of support is around
31K, which was weak support earlier this year.There is also an extremely weak area of resistance around $20k, which coincides with the ATH from the last market cycle.
Finally, there is an area of strong resistance stretching back over a year that is around $12k. In these types of patterns, we would expect that resistance area to turn to support in the case a a prolonged downtrend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.