- Major Trendline and 31k S/R level: A trendline is a line drawn on a price chart that connects important price points. A significant level of support and resistance (S/R) is observed at the $31,000 price level.
- 5 Consecutive Candle Closes below key level: If the price of Bitcoin has closed below the critical $31,000 level for five consecutive weeks (weekly candles), it suggests that the bears are in control, and there might be a bearish sentiment prevailing in the market.
- Possible Bearish Momentum: The prolonged failure to break above the key level could lead to further downward pressure on the price, potentially resulting in a bearish trend.
- Retest of the Weekly EMA200 (25.5k): The failure to break above $31,000 could lead to a retest of the Weekly Exponential Moving Average 200 (EMA200), which is expected to be around $25,500. EMA200 is a popular technical indicator used to identify long-term trends.
- Successful Clearance of 31k: If the price of Bitcoin manages to rise above the $31,000 level and sustains this breakout, it could indicate a bullish sentiment.
- Potential Bullish Rally: Breaking above $31,000 might pave the way for a significant bullish rally, with an expected price increase of around 30-35% in August/September.
