BTC/USD - Hero support defending against 8 red weekly candles!
The $29k support has a very difficult task. Stopping eight consecutive red weekly candles.
This formation has no precedent as far as I know in Bitcoin's history.
Never have we seen every weekly candle for two months close in red.
Should this support fail, then the outlook is grim with good support only found under $20k.
It's hard to be optimistic about this price action. Maybe a bounce around this support line comes next, but at this point, I'd expect more pain down the line.
Patience, as bottoms and bear markets can stretch for 2 years or more until an uptrend resumes.
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This formation has no precedent as far as I know in Bitcoin's history.
Never have we seen every weekly candle for two months close in red.
Should this support fail, then the outlook is grim with good support only found under $20k.
It's hard to be optimistic about this price action. Maybe a bounce around this support line comes next, but at this point, I'd expect more pain down the line.
Patience, as bottoms and bear markets can stretch for 2 years or more until an uptrend resumes.
Like and follow if you liked this idea!
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