BTC IDEA #BTCUSD

Jan 21, 2022

Ever since we lost the support at 58.5k we have been in a downtrend. 58.5k was a key level to hold as it was the last higher low that was put in before creating the all time high of 69k. (Personally for me on the weekly timeframe we created a double top which is a powerful reversal pattern. See previous posts...)We can clearly see from this point onwards we have been putting in lower lows/lower highs. We have pulled back all the way to a a major level of support on the weekly which was the previous higher low before creating the ATH. As of this morning (21.01.22) we have broke below this support. Fear not. This could be a liquidity grab so im waiting to see a daily close to give me a clearer idea. We have one last small area of support at 37.5k which we seem to be pushing towards. For me if this area holds I want to see a break above 44k to confirm a reversal in trend. A break of a lower high indicates a reversal in trend. Simple price action. Lets see what the rest of the week brings. Daily updates to come. Patience pays. Of course if we continue lower then the 30k range is where we will see buyers stepping in no doubt.