BITCOIN UPDATE: CAN THIS BE THE BOTTOM?

Hello traders, welcome to this update on BTC. I will try to keep it simple and understandable for all of you.

BTC's weekly close was at 20.6k. It is still holding the support 1 (19.5k).

Q. Can this be the bottom?
A. Possibly no cause we are still in the bear market cycle.

Q. Can we expect a bounce-back?
A. Possibly, the bounce can hit the resistance level of 30k.

Q. If BTC breaks down then what could be the possibly bottom range?
A. If BTC breaks down below the support 1, the next possible bottom could be 12k.

Conclusion: If BTC continues to hold the support 1 level then we can expect a bounce towards the resistance level (30k) and then the downfall. But if BTC fails to hold S1 then I am afraid that we may see BTC once again at the 12K level.

I hope this update will be beneficial for you. Do check out my related ideas in the link. I posted these updates back in Jan and Mar 2022 and it beautifully played out.

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Thank you.