On the BTC chart, we witnessed the market continue to fall in price and test a long-term support that has been in effect since January 2021. The support region’s price range is about $28,000–$29,00, and the market has been trading in a range for the past few days. The next direction the market will go will be determined by a breakout from this range.
BULLISH SCENARIO
According to the bullish point of view, the market will respect the support zone and go upwards from there in the coming weeks, as seen in the chart below.
A closer examination of the chart on a 4-Hour Timeframe, however, reveals the pattern in which this bullish surge might occur.
A breakout from the range of $28,500-$30,500 is highlighted by the red lines below. If the market were to break above the $30,500 resistance level followed by a possible retest of that level, we should see the price go as high as $37,000-$38,000 for the time being, as seen in the above chart.
BEARISH SCENARIO
Only if the major support marked by the longest red line below fails to hold and we see a breakout below the range of $28,500-$30,500 is this scenario likely to occur. The market will fall and then retest the level before falling even lower, as shown in the second chart below.
