The S2 support is of VITAL importance, must endure if we expect the price of Bitcoin to rebound and continue its upward trend in the medium term; Otherwise, the price will reach the projections (blue lines) where price will surely stop and decide what to do the next days (whether to bounce there or continue with the massacre).

BTC / USD - Weekly Chart - Exchange Bitfinex

 Green dotted lines with an "R" represent the most important resistances or ceilings.

The red dotted lines with an "S" represent the most important supports or floors.

The blue lines represent the "projections" of the price if a resistance or support level is broken.

* In both the monthly and weekly charts the price of Bitcoin is in a bullish trend (green arrow), but making a healthy and necessary retracement. All financial assets as well as cryptocurrencies need to inhale and exhale to continue their movements.

* The two (blue arrows) in the weekly volume tell us that this regression is healthy and necessary. Notice that the sales volume bars are higher in March than in June.

BTC / USD - Daily chart - Exchange Bitfinex

* The daily chart compared to the monthly and weekly (long term), is at critical level (medium term). If S2 support ($ 2195.14) is broken, Bitcoin's price will continue to fall by dragging most of the cryptocurrencies along with it.

* In trading, you ALWAYS have to wait for prices to confirm movements, not our desires, beliefs, opinions (or those of others). Just price and what its currently doing is the ONLY thing that matters.

* The price of Bitcoin needs to recover and break with conviction R1 ($ 2566.8) to leave the danger zone.

* The price of Bitcoin is currently being consolidated for its next move. As long as the price falls between the trading range R1 (2566.8) and S2 (2195.14) there is uncertainty, and there is not much to do but wait for either to break R1 or S2 with strength, volume and conviction.

Stay tuned for new updates on Bitcoin and more cryptocurrencies.

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Greetings and Happy Cryptotrading ...

Dorje Pala