Red lines - horizontal support levels
Bitcoin is trading around $16,150 after making a low at $15,889. Recent decline in Bitcoin price has not broken below the recent lows and horizontal support levels of $15,746 and $15,545. Staying above these support levels is crucial for Bitcoin. After the decline and new 2022 low at $15,545, every bounce was weaker and weaker. Will we see a new break down soon? Very likely. As we mentioned in previous posts, Bitcoin remains in a major down trend targeting $12,000. There is no sign of a major bottom yet.
