BTC - Quick Reference for Possible Bearish Continuation

Looking at the macro "what-if" scenario for Bitcoin if bears continue to drive the market down below this key support level in the upper $20s. As noted in my last post, despite the US Dollar Index posting a retracement and equities a relief, Bitcoin and crypto markets continue to be pressured by bears and its important to have a plan in mind if we continue down.

This chart only shows major/notable support levels on higher timeframes. You may trade between them, or on the back of a capitulation candle you could blow through a support temporarily (and recover) but I expect a response along any of the levels marked.

At the top we have the 2021-22 accumulation range we are trading in now. With a lot of eyes on this range, losing it would have a significant psychological impact on traders that are already extremely fearful. Losing that will lead us towards the purple support levels.

I am still of the opinion that we won't lose last cycle's top on a weekly, but perhaps wick under if conditions are very poor. We find a lot of support in the lower 30S to upper 20S and based on on-chain data it looks like accumulation is still in play with multi-year lows on supply and the downtrend (ie. outflows) resuming after the volatility of mid May.