If BTC loses $29K support, where will the bottom form? If previous major resistance tends to become future major support, then to predict BTC’s bottom you need to determine previous major resistance.

Reasoning:

– Major future support = previous major resistance.
– $10,000 – $14,000 was a strong multi-year resistance area leading up to the most recent bull run.
– Once broken, there was very little resistance at the $20,000 level before price blasted higher, despite $20K being the 2017 all-time-high (you’d figure sellers would be there).
– Therefore, $20,000 was not previous major resistance, since there was relatively little price action at that level overall.
– Previous major resistance is the $14,000 – $10,000 zone.
– Therefore, future major support is most likely $14,000 – $10,000.

***$20,000 is a strong psychological support level , but not probable as major support from a price-action perspective.

I hope I am wrong.

Adrian