Bitcoin's likely path

BTC continues to roll over as evidenced by:

• Lower highs and lower lows

• Double rejected from underside of $29.6k resistance zone (red line)

• BTC just double tested the EMA 8 and 34 (green and yellow lines) from the underside and was rejected twice.

Where is the next support?

$28.5k. If this doesn't hold, which is quite possible, $27.3k is the next, extremely strong support level. I expect a likely rebound from here if it drops this far.

At $27.3k we have:

• the 200 weekly moving average

• the 200 day moving average and

• the past price structure

All forming a massive support level (white oval on the right). It will be difficult to breach this and is very likely to rebound from here.