Bitcoin BTC | You Can't Ignore These Warning Signals

A harmonic move:
Hi friends hope you are well and welcome to the new update on Bitcoin. Few days ago on 15th of December, I shared a post in which I told that Bitcoin can drop for the completion of a harmonic bullish reversal setup, finally the priceline has dropped and completed the final leg of this harmonic reversal setup and entered the potential reversal zone.

https://www.patreon.com/posts/75941761

Down channel and uptrendline supports:
On a weekly time frame, it can be clearly seen that Bitcoin is moving inside a down channel and while moving inside this down channel BTC has broken down an up trendline support in the month of November 2022. Recently Bitcoin has found another uptrend line support and still moving above this line, but if Bitcoin again breaks down this support like it did in the month of November then we can expect another big drop.

Significant support and resistance levels:
On a weekly time frame it can be also observed that the King of all cryptocurrencies has broken down very significant support of $17500 and now moving above another long term support of $15500. Now $17500 has become a resistance for Bitcoin and if BTC breaks out the $17500 resistance then it will be a very big achievement for Bitcoin and then $17.5K will work again strong support for BTC.

Conclusion:
Bitcoin has lost a significant support of $17500 and now moving between $17500 to $15500. In order to bring some price stability Bitcoin needs to breakout the $17500 resistance level.