Price of the bitcoin is now trending exactly at the blue region which I've anticipated as a potential strong area of support. But, based on my previous analysis, I clearly said that there is still a potential downside moves to test the .382 fibonacci level on higher degree which is the area around $9150 level.
But still there is always another deduction to argue every analysis. If I look at the lower time frame, which is the 4 hours time frame to measure the middle projection of potential moves, I find a white support trend line which had been trending since May 2020. Looking at this alignment between this support trend line and the blue region, I really think that the price will respects this region as a significant support too. Even I'm so bearish on mid term, I think that the price will has a slight bounce as the reaction of this support.
However, I'm still watching closely for this potential bounce play. There are 2 altcoins that I watch for now to open a potential long position is there is a bounce in bitcoin. But if we don't get any confirmation on this bounce, I'll still stick to my bearish set up plan which I've shared previously.