The first support we have is at $38-40k in the region around the SMA(50) and the weak resistance from earlier this year.
If that fails, the next area of support is around $31k, which was weak support earlier this year.
There is also an extremely weak area of resistance around $20k, which coincides with the ATH from the last market cycle.
Finally, there is an area of strong resistance stretching back over a year that is around $12k. In these types of patterns, we would expect that resistance area to turn to support in the case a a prolonged downtrend.
If that fails, the next area of support is around $31k, which was weak support earlier this year.
There is also an extremely weak area of resistance around $20k, which coincides with the ATH from the last market cycle.
Finally, there is an area of strong resistance stretching back over a year that is around $12k. In these types of patterns, we would expect that resistance area to turn to support in the case a a prolonged downtrend.
