FEB 21, 2022 • 6 Min Read
[Excerpt from our weekly Market Insights]
Zooming in a bit more, we can see that our cautionary stance last week has proved to be the prudent action as price has pulled back 10% from the identified $45K resistance level to $40.5K at the time of writing.
The following are key levels that we highlighted to the downside (in the case of a pullback due to all of the factors discussed).
Support at $40-41K: A successful shift from a downtrend into a more bullish market structure would be supported by the first level of support holding firm. Ideally, this means that the $40K-$41K support level should hold. We also have confluence with the white VWAP line, which is anchored to the 2022 Yearly Open, adding further support to this thesis. As you can see, these levels have been important to watch, especially as price pulls back from resistance.
Support at $38.5K: If the $40K level fails to hold, the next level of market structure is in the area of $38.5K. Should we lose this level, you can expect prior lows to be revisited, with a decent likelihood of price probing lower.
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