After two bearish candles, Bitcoin indicated a possible rejection. While we observed rejection in the lower time frames (LTF), the weekly chart reversed the entire scenario. Bitcoin transformed the bearish red candle into a green one, leaving a long lower shadow, and opening a new candle above 42k. This indicates some positivity in the market and the potential for BTC to bounce back to 47k.
The support and resistance levels will remain the same for both the weekly and daily charts. It is always better to keep the worst-case scenario in mind; in this case, 30k is the worst-case scenario, and a breakdown below 37k will likely be a red alert.
Note: A correction still awaits before the halving.
Do your own research before investing because this isn't financial advice.
Thanks,
Team Dexter.