Hello Traders! CTDave here again with another daily price analysis chart.

As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!

As we all know by now, Bitcoin has broke its support at ~$34.5k (blue line). It also broke the trend line , which is the orange one. What is happening? What to expect next?

The fed has hiked the interest rates up a lot. We all know how negatively this affected Bitcoin . The interest rates are not going to go down, so this might be an extremely hard time for Bitcoin .

What’s next? Well, I believe that there is a very strong support at ~$29k and that Bitcoin won’t go lower than that. Why? First of all, the green line indicates support that has been rejected before. In my opinion, it’s a strong support line. Another answer to the question lies in people themselves. Since Bitcoin is such a big cryptocurrency, there will always be demand for it unless, another greater cryptocurrency becomes invented, or if American government bans Bitcoin from the American country. In my opinion, the big whales know that Bitcoin won’t go lower than ~$29k which is where they will buy, and that makes it an even stronger support. So the conclusion is that unless something dramatic happens to move Bitcoin away, then Bitcoin won’t go lower than ~$29k.

Thanks for reading! Happy and safe trading y’all!

Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.