- In the hourly time frame, BTC consolidating and neutral.
- In higher time frame, weekly RSI still oversold at around 80.
- We could see another leg down, possibly to .236 fibonacci retracement level (from bear market low) at around $32,700. If it bounces off that level, that would be a higher low and bullish (maybe waves 1-2).
- If it goes down to the $29,800 support level , BTC could form a head and shoulders pattern. Then, it could go down to the 0.382 fibonnaci levels at $27,000 or an even bearish target to the 0.5 fib levels at $22,400. I think the head and shoulders is the most likely scenario because of the weekly RSI which would form an A-B-C correction.
- In higher time frame, weekly RSI still oversold at around 80.
- We could see another leg down, possibly to .236 fibonacci retracement level (from bear market low) at around $32,700. If it bounces off that level, that would be a higher low and bullish (maybe waves 1-2).
- If it goes down to the $29,800 support level , BTC could form a head and shoulders pattern. Then, it could go down to the 0.382 fibonnaci levels at $27,000 or an even bearish target to the 0.5 fib levels at $22,400. I think the head and shoulders is the most likely scenario because of the weekly RSI which would form an A-B-C correction.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.