Disclaimer: First and foremost, this is not financial advice, so take my analysis with a grain of salt.
Timeframe: Weekly chart | Forecast: 3-6 months
Bull Scenario: Based on my observation, I can see the price holding at $26k area, as our lower low was at $25.7k. If we continue to hold here, it will create a higher low in the smaller timeframe, and this level represents a 50% Fibonacci retracement from the low of $21.8k to the high of 31k between 3/13/2023 and 4/10/2023, respectively. If this level doesn't hold, our next strong support is at $25.3k, which was our prior resistance and also coincides with the 21-weekly moving average (MA). If this scenario plays out, I can see the price increasing all the way to $34.5k-$44k, as illustrated on the chart with the green path.
Bear Scenario: If we don't hold $25.2k, we will be in big trouble. Our next support level is at $24.6k. Unfortunately, range between 25.2-24.6k will act as resistance later down the road because we will be below the 21-week MA. In that case, the price may rollover to $21.5k, $17.5k, and depending on traditional market and macro issues, we could go as low as $13.8k (don't shoot the messenger).
Timeframe: Weekly chart | Forecast: 3-6 months
Bull Scenario: Based on my observation, I can see the price holding at $26k area, as our lower low was at $25.7k. If we continue to hold here, it will create a higher low in the smaller timeframe, and this level represents a 50% Fibonacci retracement from the low of $21.8k to the high of 31k between 3/13/2023 and 4/10/2023, respectively. If this level doesn't hold, our next strong support is at $25.3k, which was our prior resistance and also coincides with the 21-weekly moving average (MA). If this scenario plays out, I can see the price increasing all the way to $34.5k-$44k, as illustrated on the chart with the green path.
Bear Scenario: If we don't hold $25.2k, we will be in big trouble. Our next support level is at $24.6k. Unfortunately, range between 25.2-24.6k will act as resistance later down the road because we will be below the 21-week MA. In that case, the price may rollover to $21.5k, $17.5k, and depending on traditional market and macro issues, we could go as low as $13.8k (don't shoot the messenger).