The current market situation is letting us believe that there will be no more alt season this time and who knows maybe that can be the reality. This cycle is different and we all have to accept this but still we have things that keep us awake with the current market situation as well.
The Alt season index has reached it's critical point and I think that was last seen during the covid time. Anyways, let us keep all this to the side and have a look at the bitcoin chart to understand if the market sentiments are still bullish or not.
One of the diagonal trendline was shared by me last week as well and I think that is still applicable for bitcoin. But the one you see as the support trendline is what we see getting tested recently. It acted as strong support line of over 5 months of time and as bitcoin is still above this range I am still positive.
Above you see the closer look to that support line. Now the question is that whether we will see bitcoin at even lower levels than where we saw it in last 24 hours where 76k approx was tested. To get that answer we will have a look at another chart which you can see in the screenshot below.
There are two support lines drawn in this case and I think bitcoin can still come down to test the lower support line. That is resting at 73500 USDT approximately and I will really not be shocked if that area is tested by bitcoin before the final run of bitcoin. By the way bitcoin has already filled the CME gap and we might only see it consolidating and flying higher soon.
The chart analysis shared here are just based on my experience, you are most welcome to disagree and write your thoughts in the comments as I will love to read them as well.
Thank You