BTC trading along downward channels

9 ago

Regardless of whether the retracement from the recent drop has concluded, BTC remains in a daily downtrend, trading along the green channels. The 62k level is the 0.618 retracement from the low, so it's not surprising if we see a reversal here again.

While the breakout should have established the 58k zone as a support level, I expect it to eventually break down.

The chart clearly shows significant support in the 38-42k range. Although it's less likely that the price will drop below this level, if it happens, we may need to consider revisiting the familiar sub-30k levels.