$BTC has been trading around this yellow support line for the past 4 weeks. Bulls have done an excellent job defending this support level, and I think there is solid support building up here. Bears should be concerned about BTC trending up over the next few weeks. As I discussed in previous updates, when BTC has a close above the previous ATHs this usually leads to a continued rally and the start of the cyclical bull run. The BTC halving is now just one week away, and we’ll see if BTC continues to follow the traditional bull market cycle by starting a parabolic rally over the next few weeks.
BTC Update – Lost Support at the Yellow Line, Bull Flag Formation Between Green and Red Line
$BTC just had a steep decline, and hundreds of millions have been liquidated from the crypto market. $BTC is currently trading under the yellow trendline, and it will be important to see if bulls can keep the price above the yellow trendline by Sunday’s weekly candle close. For now there is a bull flag forming with support at the green trendline and resistance at the red trendline. The price action is likely to remain within the green and red lines for now.
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