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  • Bitcoin is trading another 5% lower on Monday after more weekend weakness.
  • There is support at the 5K market but the market still looks bearish.

BTC/USD weekly chart

Bitcoin is still looking very bearish on the weekly chart below. There has been a pullback at the black support and resistance line of around 4,188.00. This was the top of the old consolidation area in early 2019. These old congestions areas seem to act like great levels in the past to its a good idea to mark them and just keep them on your charts for future reference. 

Looking at the price action now, The green channel lines could be useful too. They are currently providing support and if there is a meaningful bounce the internal trendline could be used next. This current candle does look like a dead cat bounce at the moment so much more information is needed and the bears look firmly in control. The red support line a the bottom of the chart is 3,181.24 this is the major low we all need to watch if the price breaks down again.

Bitcoin weekly chart

Additional levels

 

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