Just noting what I see here on the lower and higher timeframes for BTCUSD.
Near Term: Bitcoin has recently been creating hidden bearish divergences non-stop on the lower timeframes. It hasn't let up since it started dropping from the most recent high in the ~40k area. Looking at this current bounce that started yesterday morning, the RSI will be getting exhausted on the 4h chart again by the time we reach the ~37k area. Personally, I think we're headed down to the 20-30k area and I am bearish on BTC until it consolidates in that range for some time.
Possible Lows: fib levels are all over the place depending on where you draw them from, but the 19k-21k area seems to show up time and time again on fib drawings, and seeing as 20k is the previous ATH, I believe that can be viewed as an area of extremely strong support. If we don't get that low I won't be surprised, but I think it's a very real possibility.
Long Term: The hidden bullish divergence on the higher timeframes speaks for itself (and I'm sure I'm not the first one to notice this). As I've drawn here on the chart, the RSI will likely dip considerably lower as the price continues to fall, but the pattern of divergence will remain valid as long as price doesn't break under 10k. IMO, this is extremely bullish. This is the calm before the storm. We're seeing unprecedented adoption of cryptocurrencies being used for real transactions. The infrastructure to actually USE crypto is finally being built out right now by companies & institutions who understand the long term potential. Make your own decisions, but I won't get shaken out by market makers trying to take my cheap coins - I'm going to buy more in the 20-30k range, rather than panic sell my stash.
As far as possible highs, I'm personally not decided on that yet. 76k area looks like the first major goal to reach. Once we're confirmed bullish again, we'll all be able to make a better assessment on this.
Good luck!
Near Term: Bitcoin has recently been creating hidden bearish divergences non-stop on the lower timeframes. It hasn't let up since it started dropping from the most recent high in the ~40k area. Looking at this current bounce that started yesterday morning, the RSI will be getting exhausted on the 4h chart again by the time we reach the ~37k area. Personally, I think we're headed down to the 20-30k area and I am bearish on BTC until it consolidates in that range for some time.
Possible Lows: fib levels are all over the place depending on where you draw them from, but the 19k-21k area seems to show up time and time again on fib drawings, and seeing as 20k is the previous ATH, I believe that can be viewed as an area of extremely strong support. If we don't get that low I won't be surprised, but I think it's a very real possibility.
Long Term: The hidden bullish divergence on the higher timeframes speaks for itself (and I'm sure I'm not the first one to notice this). As I've drawn here on the chart, the RSI will likely dip considerably lower as the price continues to fall, but the pattern of divergence will remain valid as long as price doesn't break under 10k. IMO, this is extremely bullish. This is the calm before the storm. We're seeing unprecedented adoption of cryptocurrencies being used for real transactions. The infrastructure to actually USE crypto is finally being built out right now by companies & institutions who understand the long term potential. Make your own decisions, but I won't get shaken out by market makers trying to take my cheap coins - I'm going to buy more in the 20-30k range, rather than panic sell my stash.
As far as possible highs, I'm personally not decided on that yet. 76k area looks like the first major goal to reach. Once we're confirmed bullish again, we'll all be able to make a better assessment on this.
Good luck!