The decline was stopped at the breakout point of the first downtrend , while the second is acting as a support. Additionally, the oscillator is in the oversold condition and also finding the support at the downtrend , suggesting the Bitcoin potentially reached the bottom of the current wave down.
From this point onwards BTC could continue the uptrend with the condition that the support will hold. Daily break and close below $8400 should invalidate outlook and could result in a strong decline towards $4000 area.
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