In the weekly logarithmic view of BTC price action, despite the current bearish sentiment, we’re in a rising channel that has been a major feature since 2017.

Given global economic situations at the moment, I’m not expecting a sudden BTC recovery – a retest of lower levels feels likely to me and I see this longer term view as significant for med-long term planning.

Shorter term price action still looks very bearish to me right now so I’m planning for further dips, and I’m targeting around $20k to look for some support on the 0.236 fib channel.

If target 1 can’t hold then I’m ready for retest of the bottom of the channel in target 2 – probably about $12.5k. We can fall this far and still be printing bullish higher lows on this chart.