- 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.