If BTC Loses $29K...
If BTC loses 
29K support, where will the bottom form? If previous major resistance tends to become future major support, then to predict BTC's bottom you need to determine previous major resistance.
Reasoning:
- Major future support = previous major resistance.
- $10,000 - $14,000 was a strong multi-year resistance area leading up to the most recent bull run.
- Once broken, there was very little resistance at the $20,000 level before price blasted higher, despite 20K being the 2017 all-time-high (you'd figure sellers would be there).
- Therefore, $20,000 was not previous major resistance, since there was relatively little price action at that level overall.
- Previous major resistance is the $14,000 - $10,000 zone.
- Therefore, future major support is most likely $14,000 - $10,000.
***$20,000 is a strong psychological support level, but not probable as major support from a price-action perspective.
I hope I am wrong.
Adrian
29K support, where will the bottom form? If previous major resistance tends to become future major support, then to predict BTC's bottom you need to determine previous major resistance.Reasoning:
- Major future support = previous major resistance.
- $10,000 - $14,000 was a strong multi-year resistance area leading up to the most recent bull run.
- Once broken, there was very little resistance at the $20,000 level before price blasted higher, despite 20K being the 2017 all-time-high (you'd figure sellers would be there).
- Therefore, $20,000 was not previous major resistance, since there was relatively little price action at that level overall.
- Previous major resistance is the $14,000 - $10,000 zone.
- Therefore, future major support is most likely $14,000 - $10,000.
***$20,000 is a strong psychological support level, but not probable as major support from a price-action perspective.
I hope I am wrong.
Adrian
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