Red rectangle- horizontal resistance
Green rectangle- horizontal support
Black line- trend line resistance
Red lines- bullish channel
Bitcoin is trading around $22,000. Price is making higher highs and higher lows in a positive sloped channel. There is no sharp rise so far, it feels like price is mostly moving sideways and there is no real progress as price has retraced only 38% of the last decline and this has happened over the last two months. Major support is found at $18,000-$19,000. Major resistance is at $27,000-$28,000. The long-term trend line resistance coming from its all time highs is at $30,000. As long as price is below the black trend line, bears will be in control of the trend. Bulls have a lot of work to do in order to confirm a trend change and call a major low in. So far the upward bounce from 2022 lows is considered only a counter trend move. At least one more new low towards $15,000-$12,000 is expected to be seen over the next few months. This I believe is the most probable scenario. At current levels traders need to be patient. This is not the time to be shorting BTCUSD. If price bounces towards the major resistance then the risk reward will be favorable towards bears.
