Looks like yesterday's push was a false breakout in the end. I mentioned in my previous post how important it was that we found support around the 35k zone to continue this push but unfortunately, the bears managed to pull the price back below this level.
We have now not only seen a break back into this large descending structure but we have also broken below this bullish lower trendline that started back on Jun 26th. You can see we found some light support on this trendline around 6:00am but it wasn't enough and we broke through around noon today.
A continuation lower is now the likely scenario I'd say.
We have some resistance on the way down around 33k to 32.7k, If the BTC price is going to reverse it will likely in this area.
However, A breakthrough of this level will leave the flood gates open for bears to pull the price all the way down to the 30k zones again.
We have now not only seen a break back into this large descending structure but we have also broken below this bullish lower trendline that started back on Jun 26th. You can see we found some light support on this trendline around 6:00am but it wasn't enough and we broke through around noon today.
A continuation lower is now the likely scenario I'd say.
We have some resistance on the way down around 33k to 32.7k, If the BTC price is going to reverse it will likely in this area.
However, A breakthrough of this level will leave the flood gates open for bears to pull the price all the way down to the 30k zones again.