Educational purposes only
Wave Theory
Price may poke to new low and can go as low as 6.1k before this count is invalid.
RSI
We are going into oversold territory again, but no new low yet, if a new low happens, we could be looking at around $7k for the next buy area.
SR + TD
I added TD sequential here to get another perspective, the last time BTC dropped for 4 straight days, we have a rebound of around 2 weeks, we might see the same here.
Volume analysis
This fall is just the first dip since the low at 6k, we will be going up, we can see people are buying this dip on the daily charts. I do not think it will crash to new lows as any new low would be actively bought up as we can see the volume has increased for the past few days.
MACD
We are definitely trying to go down but look at the 4H MACD, it has not crossed yet even though we have crashed quite badly for the past few bars. Looking bullish for me.
Ichimoku
- Price is in the cloud = normally means no trade, but also means a potential change of trend.
- Price is testing the bottom of the cloud, and it does not look like it is going down for now.
- The tenkan and kinjun line has not crossed down but sticking to each other which means the next move will be big, I am leaning to the upmove.