Bitcoin Breaks Multiple Support Levels!

Bitcoin was held at a major support level for almost 18 months and appeared
to bounce from this level to resume the long-term uptrend.

Price dictates the next move and in this case, it decided a bounce would not
take place for now. Instead, the major consolidation support at $28,800 was
broken and so far this week, another level of support has been broken at
$25,401 which is the low of May 2022.

The markets will always surprise you, which is why it is best to stand aside
until there is a clear move in either direction. Jumping into positions prematurely
is purely guesswork.

Based on the weekly timeframe, the next major level of support is the weekly
200 simple moving average which currently stands at $22,375.

Standing aside is the best option for now as you want to preserve your capital
for when the big moves begin, which could be the upside or the downside.

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