Given the complexity of the bear market we are witnessing in crypto today, many investors are wondering whether it has bottomed out. But it is essential to remember that long bear markets eventually lead to fantastic buying opportunities. All you have to do is wait until after the chaos of the full-blown bear correction.

The prior support level of $17,600 has become the level of resistance with the wave of lower lows detected since early March. In addition, the prior downtrend line (signal) is still set as a strong indicating formation. Last week’s fall through a new low was clearly bearish. However, shortly afterwards the 58% Fibonacci retracement (the ratio of high to low prices) on the drop from 20,630 to 17,187 diver eyed down to the 1.618 of a triangle which formed the price lower and lower. The subsequent thanks roll through that 20,630 level then found strong.

Bitcoin $BTC is now locked in between resistance at 17,600 and support at 15,550. The support at 15,550 will be harder to break down, as it coincides with the 5-day moving average, which will hold strong and should generate liquidity around the support level.