Bitcoin is currently sitting at a major monthly support zone.
This is not just any levelā¦
Itās a level that has previously acted as a strong base,
and now itās being tested again.
From a structural point of view:
Price is reacting from a well-defined demand zone on the right chart.
At the same time, when we zoom out (left chart),
we can see that deeper support sits around the $46,000 level.
That level aligns with:
ā¢ previous structure
ā¢ long-term trend support
ā¢ historical demand
The two scenarios
Bullish case š
As long as the current monthly support holds,
we could see a continuation higher from here.
This would confirm that buyers are still in control at this level.
Bearish case š
If this support breaksā¦
The next logical move would be a deeper correction
towards the $46,000 zone.
A level that could act as the next major base.
Do you think this monthly support will holdā¦
Or are we heading lower toward $46,000?
ā ļø Disclaimer: This is not financial advice. Always do your own research and manage risk properly.
š Stick to your trading plan regarding entries, risk, and management.
Good luck! š
All Strategies Are Good; If Managed Properly!
~Richard Nasr